6 in 10 Black people forced to borrow money in cost of living crisis by LeahMahon_
NEARLY 6 in 10 people from Black and ethnic minority backgrounds have borrowed money amid the cost of living crisis, according to a financial report.
A further 72% of people are currently struggling to pay off their loans, an increase from 50% in 2022. Robert Pasco, CEO and Co-founder Plend, said: “Plend’s latest Financial Inclusion Report illustrates that those from Black and racially minoritised backgrounds have been more negatively affected by the cost of living crisis than those from other ethnic groups in almost every area.
These extra costs put on households with low incomes who have to pay for essential products and services means they are finding it even harder to make ends meet. Overall, around 29% of Black and ethnic minority people said they felt locked out of accessing financial support amid the unfolding crisis.
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