Build Community, Build Wealth: Honoring the Legacy of Saving Together

When many of our parents arrived in the UK, they faced tough times—
sharing homes and supporting each other through challenges, limited access to finance, social housing, and the uncertainty of a new country.

Yet, instead of letting these obstacles hold them back, they pulled together as a community. If one parent managed to secure housing, that home became a lifeline for others, with families sharing rooms until each could find a place of their own.

I remember my parents telling me “Don’t hang yuh cap/hat whey yuh can’t reach.” In Standard English the proverb translates to, “Don’t hang your cap/hat higher than you can reach;” and it cautions persons not to spend more than they can afford.

Before making any spending decisions, you need to know how far your financial arm can reach. You need to measure just how high you can set the financial hook, so you are able to hang that cap. The only way to accurately determine the extent of your spending capacity is to work with a budget.

The idea of ‘living within your means’ is a basic principle to achieve financial success, yet it’s one of the money rules that is easiest to break. Many people have no idea what their ‘means’ really is, so they often find it difficult to remain within their financial limits whenever they spend their money.

This spirit of unity gave rise to traditions like the ‘pardner draw’—a community-based savings scheme where everyone contributed and took turns receiving a lump sum. It wasn’t just about money; it was about trust, support, and helping each other move forward when formal financial systems were out of reach.

What is the’ pardner draw?

‘Community savings schemes can be traced back as far as 3000 BC in Africa. They evolved to meet people’s needs as societies transitioned from small, rural communities to larger, industrial cities and towns. Today, people use the Pardner Hand system to save for the things they want or need. Their weekly or regular savings means that when it is time for them to get their hand, they have access to a large amount of money at once which allows them to buy big ticket items such as holidays or home appliances.

During the Transatlantic Slave Trade, millions of Africans were trafficked to the Caribbean, as well as North and South America. Britain was responsible for enslaving around 3.4 million people between 1662 and 1807, half of all enslaved Africans. Many enslaved Africans in the Caribbean used the Pardner Hand system to save in order to buy their freedom.

When slavery ended in 1838, many British plantation owners and merchants, including former slave owners and traders, were involved in setting up and running banks in the British West Indies. Despite being regulated, these banks often made it difficult for low-paid African workers to access their services, excluding former enslaved Africans from economic life in the Caribbean.

Ever since, the Pardner Hand system has thrived and helped to support and grow local economies in the Caribbean. But it didn’t stop there. The Windrush Generation were invited by the British government to help rebuild the UK after the Second World War and along with their skills and belongings, they also brought the Pardner Hand with them.

On 22 June 1948, HMT Empire Windrush arrived in the UK from the Caribbean along with many Commonwealth citizens answering Britain’s call for workers after the Second World War. Once in the UK, they worked in skilled jobs such as nursing, transport, and manufacturing.

Despite their contributions to society, many of the Windrush Generation were denied access to basic banking services such as loans and bank accounts because they didn’t have a credit history in the UK. Without access to the banking system, key financial resources such as securing a mortgage became nearly impossible. This led the Caribbean community to join together to support one another through Pardner Hand, an informal, community-based savings scheme. It is a kind of community-based saving method also known as a Rotating Savings and Credit Association (ROSCA) that is used around the world.’

‘When trying to access financial services in the UK, the recently arrived Windrush Generation faced many barriers. To get bank accounts, they had to meet certain criteria:

• A specific length of residency in the UK (but they had only recently arrived)
• Matching capital for business loans for vehicles and equipment or deposits for mortgages (but most had come to the UK to make money, so didn’t have the ready funds for a deposit)
• A financial track record (but they may have been using ‘unofficial’ systems, such as the Pardner Hand before arriving in the UK)

They also faced discrimination in the form of customer profiling. Some banks assumed that the regular large sums people were putting into their accounts was money that had been illegally acquired. Instead, the money had actually come to them through a Pardner Hand – it had been their turn to have the pot, or they had acted as the ‘banker’.

This exclusion from financial services meant the Pardner Hand was an important lifeline, as well as a key cultural legacy. By pooling experience, expertise and money they were able to achieve independence and secure a future for themselves. They reached their goals despite the discrimination they faced from the prevailing economic and financial systems.

Source: https://www.bankofengland.co.uk/museum/whats-on/pardner-hand

Why does this matter today?
In a world where flashy designer bags and outward appearances often take centre stage, it’s easy to forget the true value of saving and supporting one another. Our parents’ legacy teaches us that real wealth is built through community, resilience, and wise financial habits.

It’s easy to prioritise flashy designer items like Nike trainers for babies or luxury bags, even before opening a savings account for a newborn. However, our parents’ legacy reminds us that real wealth is built through community, resilience, and wise financial habits—not outward appearances. Choosing to save and support one another lays a stronger foundation for the future than spending on brands that quickly lose their value.

Let’s Honor Their Legacy

• Focus on saving: Make it a priority to set aside something for the future, no matter how small.
• Support one another: Reach out, share knowledge, and encourage those around you grow.
• Remember: It’s better to have savings than a designer bag with nothing in the wallet.

Call to Action

Start saving today and help your community thrive! Whether it’s joining a local savings group, sharing financial tips, or simply encouraging a friend, every step counts. Let’s build a future where our communities are strong, secure, and ready for whatever comes next.