Search results for ‘Subject term:"black and minority ethnic people"’ Sort:
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A rewarding retirement: notes from an assembly of older BME people
- Author:
- MAWHINNEY Phil
- Journal article citation:
- Runnymede Bulletin, 368, Winter 2011, pp.9-10.
- Publisher:
- Runnymede Trust
As part of a 3-year programme of research into financial inclusion and older BME people, Runnymede brought together 50 older people from a range of ethnic backgrounds to share their knowledge and concerns on retirement. This article provides an overview of some of the issues, which include: poverty; the issue of not being eligible for a full state pension when returning to their country of birth on retirement; and the concern felt for younger generations facing high rates of unemployment.
Take my advice: money guidance and poverty in the UK
- Author:
- MAWHINNEY Phil
- Journal article citation:
- Runnymede Bulletin, 361, Spring 2010, pp.16-17.
- Publisher:
- Runnymede Trust
This article highlights a new government scheme which could provide free money advice. The five year plan, called the National Strategy for Financial Capability, is designed to equip people with the confidence and know-how to manage their own finances. At its core, it focuses on financial education, information and money advice. While many people use banks to get financial information, there are many marginalised groups who can’t get banking facilities, especially minority ethnic groups and the unemployed. The government plan includes a service called Money Guidance, which offers free impartial advice on a range of money issues including budgeting, borrowing, retirement planning, and welfare benefits.
Connecting financial inclusion and equality
- Author:
- MAWHINNEY Phil
- Journal article citation:
- Runnymede Bulletin, 360, December 2009, pp.7-13.
- Publisher:
- Runnymede Trust
This article explores questions considered at the Financial Inclusion and Equality Conference held on 20th October 2009 at London’s Congress Centre. The conference was organised by the Runnymede Trust, whose ‘Financial Inclusion and Ethnicity’ research programme has reported on the claim that many black and minority ethnic people lack access to financial products and services which leads to social exclusion in other ways. Delegates from the banking and insurance industries, national and local government and from equality and community finance sectors, including trade unions and charities were present. They discussed whether some groups are simply too risky to lend to and whether mainstream financial institutions should offer new products to those excluded or whether products be offered through new institutions.
Future older generations will be more ethnically diverse
- Author:
- MAWHINNEY Phil
- Journal article citation:
- Runnymede Bulletin, 363, Autumn 2010, pp.18-19.
- Publisher:
- Runnymede Trust
Summarises some of the findings of Runnymede's latest financial inclusion research programme which focuses on older people. It looks at an increasing diverse older population, the costs of 'returning home' and the implications of retiring abroad.
Ready for retirement?: pensions and Bangladeshi self-employment
- Author:
- MAWHINNEY Phil
- Publisher:
- Runnymede Trust
- Publication year:
- 2010
- Pagination:
- 29p., bibliog.
- Place of publication:
- London
The relationship between self-employed Bangladeshi people and pensions is examined, including the level and type of pension provision and the barriers to provision they face. The issues also apply to other Black and minority ethnic (BME) people. Compared with White people, BME people are less likely to have a private pension, more likely to have no savings, and Bangladeshi people in particular are less likely to own property. Other factors affecting pension savings in this group are migration status, family size and expectations of family care in retirement, language barriers, and religious attitudes to investment. The authors conclude that, despite pension reforms, BME self-employed people will continue to be at particular risk of pensioner poverty. Recommendations are made to improve access to pensions in this group.
The costs of 'returning home': retirement migration and financial inclusion
- Authors:
- KHAN Omar, MAWHINNEY Phil
- Publisher:
- Runnymede Trust
- Publication year:
- 2010
- Pagination:
- 29p., bibliog.
- Place of publication:
- London
This report considers the conditions facing older migrants who may wish to ‘return’ to their country of birth for retirement. It primarily considers the experience of black and minority ethnic (BME) people and the financial considerations and hidden costs that these potential ‘return migrants’ face. The report discusses pensions-indexing and housing factors, such as the affordability of housing. It then discusses tax and social security arrangements between the UK and other countries, the affordability and quality of health care, and differences in the standard-of-living and climate. It identifies pension uprating as a key issue. For those who retire in the UK or to Europe, pensions are automatically uprated in line with the cost of living. However, many others who have contributed to their state pension for over 40 years will find that once they move abroad their pensions are frozen for the duration of their retirement. The report urges the government to upgrade all state pensions to respond to this inconsistency and lack of equality in pensions upgrading.