My Caribbean roots, money and me

As a Black woman from a working-class background growing up in the 90s, talking about money with an ounce of optimism was rare. Minding your business was the thing to do.

‘As long as your bills are paid and there’s food pon di table, you’re blessed’, the generations before me would say.

They weren’t wrong. And it taught me gratitude. But, looking back, the lack of discussion around money may have impacted my financial views and confidence. It was the whole ‘why save what you can spend’ mindset (although I don’t doubt that socioeconomics played a part in this too).

And as for investing, what’s that? Even when I had a better idea in my late 20s, I believed it wasn’t for people who looked like me, even if I could afford to.

The Windrush generation

Part of the Windrush generation, my grandma came to England from Jamaica to help rebuild post-war Britain. Caribbean economies were struggling too, and working in the UK was considered an opportunity to achieve a better life. Caribbeans were starting from scratch. And institutionalised racism meant they had to work extra hard to establish themselves in British society.

Many of the Windrush generation were well educated, but their qualifications weren’t recognised or valued, often leading to lower-paid jobs. And it wasn’t uncommon for banks to refuse them financial services and loans for mortgages, hence the popularity of pardner schemes¹ (a type of community loan scheme).

Such challenges didn’t present room for financial education and money management. Their focus was immediate survival, stability and integration into British society. This had a knock-on effect of subsequent generations.

Fast forward to today and statistics show generational wealth in Black communities is still on the backfoot.

Data from the Runnymede Trust shows that Black British Caribbean households hold around 20p for every £1 of White British wealth, and Black African households is approximately 10p.²

Furthermore, there’s work to do on confidence with managing money too. Two thirds of the Asian (65%), black (65%) and mixed (65%) groups do not feel confident doing this. This contrasts with half who lack confidence among the overall population (51%) and the white population (49%).³

It’s good to talk money

Of course, this is just my own personal experience. So, I caught up with some of my Black peers, who were willing to talk money, their experiences and the lessons they’d learned. Perhaps they could give me some perspective.

Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. Tax treatment depends on individual circumstances and all tax rules may change in the future. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of  Fidelity’s advisers or an authorised financial adviser of your choice.