Who are we?

We are a UK based duo, passionate about inspiring healthy and sustainable behaviours relating to financial literacy, generational wealth and closing the wealth gap.

Why is Financial Literacy Important?

According to a George Bangham study on behalf of Resolution Foundation, published in December 2020, entitled “A gap that won’t close”, a study of 2016-18 data, people of Black African ethnicity held the lowest typical wealth (£23,700 family wealth per adult, in current prices), less than an eighth of the typical wealth held by a person of White British ethnicity (£197,000).

While average wealth per UK household grew in the decade from 2010-2020, the wealth gap between these ethnic groups has also grown. This means that if things continue as they are, the gap between ‘haves’ and ‘have-nots’ is not currently on track to close, which may weaken people’s sense that they can earn their way to lasting prosperity and reinforces links between ethnicity and lifetime living standards in Britain.

Another alarming statistic highlighted in this study is that at least half of people of Black African, Bangladeshi and Black Caribbean ethnicity had less than £1,000 in family savings to act as a buffer in case of a fall in their income.

Inheritances are a key driver of wealth disparities, both between ethnic groups and across other dimensions in society. The paper reminds us that wealth inequalities are partly driven by wealth accumulation that occurred decades ago (or did not occur, in the case of people whose forebears migrated to the UK without substantial assets).

The paper concludes that ethnicity wealth gaps in Britain are large and persistent. The reasons for their existence are complex, and reflect the cumulation of inequalities and discrimination over decades.

Our Mission

Our mission is to inspire and encourage people to take their first steps on a journey towards building generational wealth. In today’s world a lot of people have unhealthy relationships with money and there are so many reasons for this. Lack of financial literacy in the education systems is one so we are not fully equipped with the right tools and mindset to have a healthy relationship with money. As things stand, many of us will not leave a meaningful financial legacy for our loved ones as we focus on the goal to “get rich quick” rather than how we can become financially free and build wealth.

There are a multitude of ways to make money; unfortunately, there are more ways to spend it. We can be swept up in the consumer mindset, spending our money on “displays of wealth” and making zero progress in the generational wealth race leaving behind our loved ones with debt or money worries.The Legacy Flex elevates your mindset by providing the knowledge, tools and resources to reverse unhealthy financial habits. We should all be aiming to leave behind great financial legacies.