Closing the black wealth gap
In this interview, Olu Alabi speaks to us about non-linear careers, financial literacy in the black community and pushing the boundaries through his Black at Experian work.
SO TO KICK OFF, TELL US HOW YOU CAME TO WORK IN THE FINANCE SECTOR.
I studied economics at university but I finished during the 2009 recession which led to lots of job cuts happening around the world and no opportunities to work in banks at the time. I realised that I needed to start looking outside of finance and went into the Boots Store Manager graduate scheme. I ended up working in their head offices as a Project Manager. After five years I realised that Boots was the only company that I had ever known and I wanted to experience others. That is how my journey into finance and Experian began. I started four years ago as a Project Manager and right now I'm working in compliance.
One of the things about life is sometimes you just have to be flexible with your plans. You have a vision, but you can continually tweak the vision and enjoy doing so.
WHAT ARE THE TOP TIPS THAT YOU WOULD GIVE TO OUR STUDENTS TO IMPROVE THEIR FINANCIAL OUTLOOK?
Vision where you want to be in the future and set goals. You may want to be the next Elon Musk or aim for a house, a nice car and six weeks holiday during the year. Regardless, you need to plan how you will achieve your vision into your agenda.
WHAT CAN OUR STUDENTS DO TO IMPROVE THEIR FINANCIAL LITERACY?
The good thing about the time we are living in right now is that there is so much information around us and it has never been easier to access it. Embrace educating yourself about finance.
I would also say that having a budget and having a plan is important. I am big on investing because when you're sleeping the money is making money for you. I think that boils down to education again, knowing what money is, knowing the difference between good and bad debt, how your credit score can be impacted, etc.
WE DON'T REALLY LEARN ABOUT PERSONAL FINANCE IN SCHOOL, SO IT CAN BE HARD TO KNOW WHERE TO EVEN BEGIN? WHERE DO YOU THINK IS A GOOD STARTING POINT?
Something I have adopted in life, is that if I want to go on a journey then I make sure to get a mentor that has successfully been on that journey before me. You've also got companies out there who invest and monitor your money for you. You tell them your risk appetite and they put the money aside for the future. I think that with investing, you need to be careful not to just follow the crowd. If everybody on Instagram is buying Bitcoin that doesn't mean you should. That’s why it is important to have a mentor and learn from someone who has walked that path.
YOU ARE A PART OF BLACK AT EXPERIAN. TELL US A BIT MORE ABOUT HOW IT CAME TO BE AND YOUR AMBITIONS FOR THE EMPLOYEE RESOURCE GROUP?
Black at Experian started last year in response to the George Floyd incident and I joined the leadership in December. The Black colleagues within the company decided to come together and form a network to be a voice within the company for our community. We want to see more Black directors and staff members. We want to give back to the Black community in the next year as well by giving them more training, more financial education and improved financial literacy.
THE STATISTICS ABOUT THE FINANCIAL WELLBEING OF THE BLACK COMMUNITY REVEAL DEEPLY ENTRENCHED INEQUALITY. WHAT DO YOU THINK ARE THE MAIN CHANGES THAT ARE NEEDED TO ACHIEVE GREATER EQUALITY FOR THE NEXT GENERATION?
I think the systemic barriers in place need to be broken down. One of the things that we are doing with Black at Experian is challenging the company not to just employ people from predominantly white universities, but to open vacancies to all universities across the UK. Another thing is trying to make sure that there's representation within the leadership of the company, not just in the UK, but globally. If we can break down the systemic barriers then I think that there is a good chance that we can make change.
WHAT'S ONE PIECE OF ADVICE THAT YOU WISH YOU HAD BEEN GIVEN WHEN STARTING YOUR CAREER?
A lot of people plan very calculated career paths, but you should remember to take risks. The 9-5 work balance can be difficult but do try to enjoy your youth while you are still young. Think about the bigger picture, whilst also remembering to have fun. Also, ask lots of questions and don’t be afraid of not knowing something.
YOU ARE DOING A LOT OF WORK FOR BLACK AT EXPERIAN OVER BLACK HISTORY MONTH. WHAT DO YOU HAVE PLANNED?
We have some exciting people lined-up to talk about two things. The first one is on getting into property. One of the women that will be speaking will talk about getting into property with little or no money and how she has now built a business worth over £2m. We’ve also got a mortgage broker. He’s going to talk about tips and tricks building your credit scores. All of the sessions will run over Hopin and we’ll be releasing the details soon. It's going to be fun, it's going to be interesting. I’m really sure that people are going to learn a lot from it!
HOW CAN OUR STUDENTS FIND YOU?
LinkedIn: https://www.linkedin.com/in/olualabi/?originalSubdomain=uk