I’m surprised that ethnic Chinese homeownership isn’t higher in the UK. Within my own social circle of Asian friends and relatives, we all own property. It’s definitely not a cultural phenomenon, but more likely due to financial constraints for lower income individuals. Thanks for sharing this content. Hopefully we can help more minorities to invest.
Thanks for this. I had look at this a while back because I was curious why blacks did not own properties in UK. Being Nigerian but raised in UK, Nigerians often do not like debt as the mindset is if you cannot afford it, do not buy it. Another factor culturally is probably career choices, I am in the design sector but I find Africans tend to stick to academic fields or stuck in low income jobs so the ability to have access to diversified sources of salaries does not exist. Racial wealth gap might cause by a nation's cultural sense of spending or what money is supposed to be spent on first after earning. Or upbringing. The factors seem endless.
Very interesting, yes if the attitude to debt is to generally stay away from it - that's definitely going to impact home ownership rates in a community
Low African home ownership is surprising as there isn’t such disparity in education rates. However, many Africans did not come to stay and for their lineage to stay, so they would rather build in their home countries where they often retire... the poorest like social housing as benefits always cover rent... jobs - if you are low income getting a deposit for a house in a city is hard... add large single parent household (parent - hence kids, the latter of which are expensive) and getting on the ladder is even tougher... job insecurity - many don’t have regular well paid jobs therefore getting a mortgage is hard... Many Indians came as Drs (so the starting point is not the same as other ethnicities) and their children are subsequently Drs, banks will definitely lend to a Dr with good credit history...
Thank you for another interesting video. The black community's relationship with debt has always been an interesting one. Pardner is mixture of debt and saving (similar to "christmas club" for english people I think), that is sorely underappreciated. I say this because it not only taught consistency of behaviour towards money but it made people consider how they would interact with others. Not being allowed into a Pardner is a sign of not being trusted.
I’ll challenge the presumption of the data: why is wealth equated with home ownership? Someone’s net worth is a better indicator of their overall wealth; no point in owning a home if you’re completely over-leveraged and/or insolvent. Also my parents are from Ghana originally and many Ghanaians I know own homes back there. I don’t see where foreign property ownership is factored into the data. That could easily skewer the information…
Wealth: most people who have money buy property, so by default it’s a measure of wealth. Property overseas: Western countries such as the U.K. tax British persons with homes abroad, so you can understand why people would not declare it.
I’m surprised that ethnic Chinese homeownership isn’t higher in the UK. Within my own social circle of Asian friends and relatives, we all own property. It’s definitely not a cultural phenomenon, but more likely due to financial constraints for lower income individuals. Thanks for sharing this content. Hopefully we can help more minorities to invest.
Thanks Amy- interesting to hear about the Chinese community's attitude towards home ownership here. Yes absolutely EVERYONE should invest 🏚👌
Not everyone openly declare their true savings, earnings and assets to researchers.
It always bothered me how little home owners I knew back in the UK and I want to change that for my kids in the future
Thanks always interesting and informative 🎩off
Thanks, glad you enjoyed it
Thanks for this. I had look at this a while back because I was curious why blacks did not own properties in UK. Being Nigerian but raised in UK, Nigerians often do not like debt as the mindset is if you cannot afford it, do not buy it.
Another factor culturally is probably career choices, I am in the design sector but I find Africans tend to stick to academic fields or stuck in low income jobs so the ability to have access to diversified sources of salaries does not exist.
Racial wealth gap might cause by a nation's cultural sense of spending or what money is supposed to be spent on first after earning. Or upbringing. The factors seem endless.
Very interesting, yes if the attitude to debt is to generally stay away from it - that's definitely going to impact home ownership rates in a community
Low African home ownership is surprising as there isn’t such disparity in education rates. However, many Africans did not come to stay and for their lineage to stay, so they would rather build in their home countries where they often retire... the poorest like social housing as benefits always cover rent... jobs - if you are low income getting a deposit for a house in a city is hard... add large single parent household (parent - hence kids, the latter of which are expensive) and getting on the ladder is even tougher... job insecurity - many don’t have regular well paid jobs therefore getting a mortgage is hard... Many Indians came as Drs (so the starting point is not the same as other ethnicities) and their children are subsequently Drs, banks will definitely lend to a Dr with good credit history...
Great points made- agree with you
Really great video great explanation of black racial disadvantage in the UK , can you comment on the high rate of indian home ownership
I will address this in my next upcoming livestream 👍🏾
Thank you for another interesting video. The black community's relationship with debt has always been an interesting one. Pardner is mixture of debt and saving (similar to "christmas club" for english people I think), that is sorely underappreciated. I say this because it not only taught consistency of behaviour towards money but it made people consider how they would interact with others. Not being allowed into a Pardner is a sign of not being trusted.
You are the Robert Kiyosaki of United Kingdom
I'll take that! 👨🏾🏫🇬🇧
Nice
I’ll challenge the presumption of the data: why is wealth equated with home ownership? Someone’s net worth is a better indicator of their overall wealth; no point in owning a home if you’re completely over-leveraged and/or insolvent.
Also my parents are from Ghana originally and many Ghanaians I know own homes back there. I don’t see where foreign property ownership is factored into the data. That could easily skewer the information…
Wealth: most people who have money buy property, so by default it’s a measure of wealth.
Property overseas: Western countries such as the U.K. tax British persons with homes abroad, so you can understand why people would not declare it.
Warren, the other-white could be Europeans. They are classed as white race but non british
Yes of course that makes sense! Thanks
Northern Ireland is British territory