Providing the tools to build wealth

NATALIE SCOTT, a 33-year-old former fashion stylist who is now a certified money coach, has been taking part in money circles (known as pardna in the Caribbean communities) ever since she can remember, and her grandmother was able to buy a property using this system.

Here she explains how new technology and the Bloom Money app is directly helping thousands of people to save money and providing the tools to build inter-generational wealth that can be passed on to families and children to provide a lasting impact and legacy.

AT: Can you explain what a pardna money circle is?

NS: Pardna is a peer-to-peer lending and borrowing service which many Caribbean people — especially the Windrush generation — used when they arrived in the UK. It’s a very big thing in the Caribbean culture. It was a way for us to pool money together to get up the property ladder and essentially boost our savings. It is very much a system based on trust and who you know. A random person cannot participate; you need to be trustworthy and fact checked by family members.

The reason we chose to take part in this system was because at that particular time it was extremely difficult to access loans from traditional banks.

It was something we did to help each other in the community as most of us were new to the country, with no fixed home and living with others, and we

Certified money coach Natalie Scott explains how the Bloom Money app is helping thousands to save.

By Anshu Taneja

were deemed a big risk to the banks if they were to lend us any kind of money. Our system enabled us to rent somewhere, have a secure address and fit in with UK society.

AT: Did taking part in pardna specifically help your family?

NS: Yes! My grandad on my dad’s side bought a property for £20,000 which was a lot of money back in the day! And my grandad on my mum’s side was able to obtain a mortgage. This is all through pardna. Without it they wouldn’t be able to raise a deposit.

My grandmother was the first in my family to come to the UK and worked for the NHS, like many did, and had a very good career and established herself. My mum was born abroad but did all her schooling over here from age five once her mum was settled. We have been involved in pardnas forever.

AT: Can you give us an example of pardna?

NS: If ten people all put in £2,000 each, one nominated person would take the £20,000 when it was their turn, but also continue to contribute their share again for others to benefit in the future — and it keeps going. Back then it was a weekly draw; you would put in your cash share (known as ‘hand’) and there would always be a person leading the money circle, usually a lady, who would log and register everything in a book. If there was a person in dire need of money, they were able to request to receive the £20,000 first even though they had put in less, and would then have time to pay back what they had borrowed.

AT: What age did you get involved?

NS: We knew as little children what pardna was and where we were going. It was very much ingrained as a normal part of our lives. I was five or six when I first started and later, I went as a teenager when I got my driving license to drop money off when my mum couldn’t go and I developed a good relationship with the pardna lady. My mum never saw it as a problem to carry money in the car, but I wouldn’t go on public transport.

I even set up a pardna myself at a local school for about six months with many of my friends. We were young and weren’t working at the time and only had pocket money from parents.

It really did help us to buy small things like a new dress or a pair of shoes. It was something that didn’t break the bank. All our parents knew we were taking part. We understood that if we were doing it on a small scale when young, we would also continue it when we were older.

AT: How does Bloom Money help you with pardna?

NS: What Bloom has created is fantastic and enhances our normal behaviours that we are so used to. It effortlessly helps people get closer to their monetary goals. The fact that it is all digitised is something new for people who are not used to technology. It’s a really simple system for everyone to use and you’re able to see everything easily, such as how much you’ve put in and your withdrawals. It’s easy to digest, not scary and fun to use for example when you are saving up for something. Society and technology until last year but that wasn’t even a Caribbean one. It was a Congolese family as they do it too, but I waited six months to join as it took a long time to check my background to know I was honest and true to my

POOLING RESOURCES: Natalie Scott has been involved in pardnas all her life; below Natalie’s grandmother, left, great grandmother, older sister and twin sister (main photo: Mellz Photography) people who have similar saving goals to you and get started quickly. is changing constantly and now many people within the community are already using it regularly because using apps is now the norm.

AT: Finally, do you have any money tips for our readers?

NS: It’s very simple really; my main advice is to just start!

Trying to find a pardna that still runs without technology is very difficult; I was in one up word. Having the Bloom app allows anyone to say, “I can afford this. I won’t default on my payments”.

It removes the uncertainty of trying to find a credible pardna, whereas now you can just go into the app and find other

Lots of people think they need a set amount to begin, but in reality, even if you start with something small you are still closer to your goal than waiting for an amount to hit your bank account. And also, try not to equate your salary to your self-worth which is not a good habit.

I remind people that it’s not about the money you earn but instead it’s about what you do with it that counts.

So always try to save something and invest a portion towards your future!

Bloom helps people from global communities create and share wealth in the UK.

Contributions, ajo, hagbad, or pardna — whatever you call your savings club, Bloom helps you manage it with technology that emphasises trust, transparency, and tradition. Available

The arrival of the MV Empire Windrush 75 years ago marked a seminal moment in Britain’s history and has come to represent the rich diversity of this nation.

Those who arrived on the MV Empire Windrush, their descendants and those who followed them have made and continue to make an enormous contribution to Britain, not just in the vital work of rebuilding the country and public services following WWII but in enriching our shared social, economic, cultural and religious life.

Overcoming great sacrifice and hardship, the Windrush generation and its descendants have gone on to lead the field across public life, in business, the arts and sport. Britain would be much diminished without their contribution.

Groups and organisations across the UK will be hosting activities to acknowledge, inform and celebrate Windrush 75 in the areas of arts, educational, sporting and other projects across England.

Over 40 groups have been awarded funding through the Windrush Day Grant Scheme.

Lee Rowley MP Minister for Communities, said: We celebrate the positive contribution the Windrush generation and their families bring to this country and recognise the contributions made by all British Caribbean people in our communities.

Bringing people together ensures better understanding and social cohesion and everyone is encouraged to get involved in activites in their local area.

Chair of the Windrush Community Funds and Schemes subgroup of the Windrush CrossGovernment Working Group, Paulette Simpson CBE said:

This year’s celebration of the British Caribbean community will be extra special, as we mark the arrival of the MV Empire Windrush at Tilbury Docks 75 years ago.

From those first passengers who went on to build their lives and make their home here, those that followed, and their descendants have and continue to make an enormous contribution to all aspects of British life.

I’d urge everyone to get involved in this significant moment in our shared history.

Windrush Day Grant Scheme Projects

n Bounce Legacy London

This project will showcase outstanding British Caribbean artists and filmmakers. It includes a Windrush Day launch event featuring short films by British Caribbean filmmakers followed by Q&A with inspirational artists discussing the contribution of the Windrush generation; A 2-month training programme for 16-25-year-olds from Caribbean backgrounds; 1-2-1 mentoring with support on build-