Equity in Finance
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Building a financially equitable future for all

Money A+E is proud to release the Systemic Barriers to Financial Inclusion Project: Rapid Literature Review, co-developed with Rooted Finance and written by ClearView Research. As a Black and lived-experience-led organisation with more than a decade supporting communities through money advice, financial education and wellbeing services, Money A+E is uniquely positioned to lead this work.

This report is the official, canonical version published by Money A+E.

About the Equity in Finance Project

The Equity in Finance project began during the COVID-19 pandemic, when Money A+E saw a surge in crisis debt, income loss and financial exclusion across the communities we serve. Our lived experience steering committee used the term “Ethnicity Premium” to describe the structural discrimination facing diverse ethnic communities when engaging with the UK financial system.

This insight shaped our involvement in the government-backed Inclusive Economy Partnership Accelerator, delivered by the Cabinet Office, Nesta and The Young Foundation. It laid the foundation for long-term reform efforts now captured in this Literature Review.

Key Findings From The Review

The review highlights five major systemic barriers affecting diverse ethnic communities:

• Black households remain almost twice as likely to be unbanked
• Nearly half of diverse ethnic entrepreneurs face barriers accessing business finance
• Ethnicity, postcode and digital profiling continue to influence access to fair credit
• Black applicants are more than three times as likely to be denied a mortgage compared to White applicants
• Lived experience and cultural realities remain absent from mainstream financial design and delivery

These barriers have long-term impacts on housing, wellbeing, wealth-building and economic participation.

Five Recommendations for an Inclusive Financial System

1. Mandate Transparency and Fairness in Finance

Ethnicity-disaggregated data collection
Independent fairness audits
Senior accountability
Stronger regulatory enforcement

2. Recognise Alternative Financial Histories

Rent, utilities, council tax
Community savings systems (Pardna, Susu, Hagbad)
Remittances and informal credit histories

3. Enforce Representation and Lived-Experience Recruitment

Diverse leadership and workforce quotas
Mandatory reporting
Independent anti-discrimination audits

4. Deliver Culturally Relevant Financial Education and Fair Debt Recovery

Co-designed education with communities
Multilingual delivery
Fairer, empathetic debt-recovery practices

5. Expand Access to Finance for Diverse Ethnic Communities

Local authority investment strategies
Accessible start-up finance
Strengthened community lenders

Shared Commitment to Change

Money A+E and Rooted Finance are united in our commitment to dismantling structural financial exclusion. This report marks a shared evidence-based call for reform. While we will deliver different parts of this work through our respective organisations, our goals remain aligned: fair access, economic participation, and systemic change that works for communities too often left behind.

Download the Full Literature Review

Together we can create a more equitable future for all

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Press Release

Read the official press release for the Parliamentary launch:

Read

About Money A+E

Money A+E is a Black and lived-experience-led social enterprise delivering money advice, financial education and financial wellbeing services across London and the UK. For over 20 years, our CEO, Jerry During, has been a leader in financial inclusion and community-led change.

Our mission is to improve financial health, increase opportunity and amplify lived-experience voices within systems that have historically excluded them.

Learn more about our work click here