Runnymede Trust: Financial issues and vulnerability in BME communities and families

The Runnymede Trust has published a Report on Financial issues and vulnerability in BME communities and families:

    • BME people generally have much lower levels of savings or assets than White British people.
    • Indian households have 90–95p for every £1 of White British wealth, Pakistani households have around 50p, Black Caribbean around 20p, and Black African and Bangladeshi approximately 10p.
    • Poverty rates vary significantly by ethnicity, but all BME groups are more likely to be living in poverty. For Indians the rate is 22%, for Mixed 28%; Chinese 29%; Bangladeshi 45% and Pakistani 46%. This is due to lower wages, higher unemployment rates, higher rates of part-time working, higher housing costs in England’s large cities (especially London), and slightly larger household size.
    • Around 18% of Bangladeshi workers, 11% of Pakistani and Chinese workers, and 5% of Black African and Indian workers are paid below the National Minimum Wage, compared to 3% of white workers.
    • Nearly one in three Bangladeshi men work in catering, restaurants and related businesses compared to around one in 100 White British men. And while one in 100 White British men work in taxi, chauffeuring and related businesses, the figure for Pakistani men is around one in seven.
    • BME workers are more likely to participate in the ‘gig’ economy – up to 25% compared to 14% of the general population.
    • Black and minority ethnic men have much higher unemployment rates than White British men.