Living with financial insecurity: Analysing the impact of the cost‐of‐living crisis on older ethnic minority people

Abstract This article analyses the impact of the cost‐of‐living crisis on older ethnic minority people. The discussion suggests that while the UK is experiencing the greatest living standards crisis in modern times, the pressures facing older people are not new. They should be understood in the context of austerity and the impact of COVID‐19 on the older population, which drastically rationed support of all kinds. The analysis focuses on qualitative data from interviews with older people from ethnic minority backgrounds and community organisations supporting them in Greater Manchester, UK. The findings suggest that the cost‐of‐living crisis is having a particularly profound impact on older Black, Asian and other ethnic minorities, who tend to be poorer, have lower quality housing, lower pensions and are often in poorer health. The inequalities faced by ethnic minority people are driven by entrenched structural and institutional racism and racial discrimination leading to their disproportionate representation in insecure and low‐paid employment, overcrowded housing, and deprived neighbourhoods. The paper argues that the rising cost‐of‐living in the UK is not being uniformly felt, due to inequalities that place ethnic minority groups at a greater risk from high inflation and a stalling economy. To conclude, the paper suggests that since the older population is set to become more ethnically diverse in the years ahead, tackling inequalities between older groups should be a priority as the older population becomes more varied.