The intersecting impacts of mental ill-health and money problems on the financial wellbeing of people from ethnic minority communities

Abstract

Key findings
The research highlights a range of financial problems that those from minoritised ethnic groups can face, including:

living on lower incomes due to difficulties finding good quality employment
incurring additional costs
difficulties with the benefits system
difficulty accessing or using the right financial services products.
The research also found that a ‘vicious cycle’ between money and mental health problems exists regardless of ethnic background. However certain key factors emerged across minoritised ethnic communities:

Many members of minoritised communities face a ‘double stigma’ where it is particularly difficult to discuss either money or mental wellbeing, so discussing the two together may be especially challenging.
There is concern about the long-term impacts on children of using them as translators when talking about financial difficulties and/or mental health problems.
People with limited English language skills may experience additional stress or anxiety about dealing with finances
Issues such as no recourse to public funds can cause additional challenges for those from minoritised ethnic communities who are experiencing domestic or economic abuse
A lack of trust in the system can result in fears over being penalised or sanctioned when seeking help for financial matters.

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Identifiers

ORCID for Thomas Richardson: orcid.org/0000-0002-5357-4281

ORCID for Nick Maguire: orcid.org/0000-0003-4295-8068

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