As part of a collaborative research project between people from racialised communities, London School of Economics and Equality Trust, Phoenix shares their insights into what is wealth, what helps and hinders people from racialised communities to build wealth and what could make a difference. The research was funded by the British Academy Innovation Fellowship Scheme (Fellowship number IF2324/24008). You can find the summary briefing from this project and any further information from www.equalitytrust.org.uk
Phoenix expressed that for him, the definition of wealth has changed; it includes real estate, net amount of material goods, assets, but in addition also education, awareness, empathy, community engagement, and building own pathways.
Phoenix refers to certain spaces, such as stock brokers ‘old boy networks’ that he would not fit into, and that certain groups/ spaces have an ‘understanding of wealth acquisition.’ He stresses community cohesion as an enabler to wealth accumulation, and also the enablement that being part of a community that ‘understands money’ gives.
He shares his experience of being passionate about setting up his art business, and needing to take a loan, which had exorbitant interest rates attached, which later led to his bankruptcy. He refers to ‘Pardoners’ in the Caribbean community were a trusted community mechanism supporting this group to save for a home; that’s not here anymore (new era).
He feels that he and others do not get the same opportunities, welcome or engagement, and the role of hierarchies, selective institutions etc, hence contributing to why he/ others have gone the route of entrepreneurship.
He contrasts his negative experiences of Grow London, as an inflexible organisation, with that of Camden Giving and Rebel School, who are more skilled and flexible at supporting start-ups.
