THIS EVENT HAS NOW PASSED.

The event discussed our new research, which explores the experiences of people with mental health problems from minoritised ethnic groups when using financial services such as banks, building societies and credit unions.

The research found that nearly half of people with mental health problems from Asian or Black ethnic groups felt that they received a lower quality service from their financial provider because of their ethnicity. Participants shared how being racially discriminated against (or worrying that was the case) for instance where they were refused credit, undermined trust and contributed to increased anxiety when dealing with financial services firms.

These inequitable systems are having a hugely detrimental impact on people’s financial wellbeing — for example, by damaging their confidence in managing their finances, and making them feel less financially secure. These are also having a serious psychological impact, with more than half of those with mental health problems from minoritised ethnic groups reporting that poor experiences with financial services took a toll on their mental health.

It is not a person’s ethnicity or mental health condition that inherently places them at risk of financial exclusion, but systems that are designed without equity for these groups in mind.

Watch the event back below.

Speakers at the event included:

• Francesca Smith (Senior Research Officer at Money and Mental Health) presenting our findings
• Jerry During (Founder of Money A&E)
• Ayesha Begum (Senior Manager, Strategy and Impact at Fair4All Finance)
• Joanna Legg (Head of Customer Policy and Outcomes, Financial Conduct Authority).

We also heard from a lived experience speaker from our Research Community, who requested that their testimony was not shared online. That has been cut from the version of the event above.