Updated: Jun 1, 2020
Our new report Supporting Diverse Ethnic Communities examines the issues that Money A+E is committed to addressing: poverty and the link between poverty and ethnic group, benefit changes and the pressures on the household budgets of the most vulnerable.
It also explores the considerable challenges facing BME-led organisations, including access to funding.
Click here to read the full report.
Summary: poverty and BME households
London has the highest poverty rates in the UK, including two boroughs that are supported by Money A+E (Hackney and Newham) and are the only boroughs in London with a poverty rate above 28%. Rising poverty rates can be attributed to skyrocketing housing costs, low paid and insecure work as well as changes to social security expected to result in 470,000 more people living in poverty by 2020/21.
BME households generally have less total wealth, they are less likely to own their homes, and even amongst those who are in work, are less likely to have a private pension. In 2010, Bangladeshi and Black African households on average had a total wealth of £15,000 and £21,000 respectively as compared to £221,000 held by white British households.
Summary: BME third sector funding
Money A+E provides money advice and educational services in a number of London boroughs primarily to Black, Asian and minority ethnic (BAME) groups and disadvantaged communities.
Despite its crucial input, Money A+E finds its activities severely constrained because of a lack of funding. Compared to the mainstream social sector, the Black, Minority, Ethnic (BME) third sector has been historically underfunded, and has faced a plethora of funding challenges including being disproportionally affected by the government’s reduction in grant funding.
Ethnic minority owned social organisations receive most of their funding from the government (53% of organisations’ majority funding), and are less likely to get funding from other grant making organisations (only 3% of charitable funding and 2.3% of lottery grants in 2007).
Read the full report here.
Supporting Money A+E
If you would like to offer funding, work in partnership or collaborate with us to create a fairer, more financially inclusive society, please get in touch: 0208 616 3750 / email@example.com