We have a historic issue of racism in the UK...
...and wealth and jobs are just some of the ways in which racial inequality is expressed.
White British workers earn an average of 3.8% more than other groups, and the gap rises to 20% for some ethnicities.
Between 2015-2018, black households were most likely out of all ethnic groups to have a weekly income of less than £400.
The difference in pension income for black pensioners compared to white was 26.9%.
Black and minority ethnic have much higher unemployment rates than White British. Even black Russell Group grads are more likely to be unemployed.
We can use our savings and investments to help reduce racial inequality.
1. Speak to, if you have one, your financial adviser or wealth manager about companies you want to avoid investing in or help change as a shareholder. This might include profit-driven prisons and detention centres in the US, the companies that use cheap prison labour or companies that score badly on diversity. Fact: companies that are more diverse are likely to do better financially.
2. Write to your MP about ensuring companies report on the way they pay employees with different ethnicities. Gender pay reporting is compulsory. Its time to expand it to race.
4. Support The Diversity Project to champion a more inclusive culture within the Savings and Investment profession. This will help the finance industry to better represent our diverse society and its diverse needs and concerns. This report helps to highlight issues in investment management. Does your adviser firm, wealth manager or fund manager understand the issues and act on them? Ask them.
5. Learn as much as you can about investment and finance and how to use it to grow your wealth and have a positive impact on society. Follow Good Money Week social media channels. Take a course. The more we know the more we can give back, close the gaps and increase our financial well-being.
6. For example, even just £10 - £50 a month put into an investment platform or a stocks and shares ISA could provide you or a family member with a healthy sum to do something special, start a business or add to your retirement. Look here to calculate what could be made. Investments go up and down and comes with risk but average returns over the long term (give yourself 10 years) is currently 10%.
7. Black Pound Day has been set up to support the growth of the UK Black economy. Starting with one day per month it encourages everyone to spend money with local and online UK Black-owned businesses. #BlackPoundDay