How to End Financial Exclusion in the US & UK
Gregor Mowat has over 25 years of business experience, most of that as a partner with KPMG in emerging markets. He ran the operations of KPMG CIS, a $350m turnover professional services firm with operations in 7 countries and >4,000 staff. The majority of Gregor’s career has been in Financial Services with KPMG.
Financial exclusion is a major problem around the world, with billions of people worldwide shut out from large parts of the financial system. Being financially excluded is not a simple case of poor versus rich. It is more situational than demographic-driven with most people in the world being financially excluded at some point in their life. It can be as obvious as not being able to open a bank account or more nuanced such as when a middle-class office worker is excluded from the best loan deal because of their financial profile. Whatever the cause, if you are financially excluded then life is harder, more expensive, and more stressful. For the least advantaged, the consequence is that many turn to expensive sub-prime lenders and succumb to a spiral of debt. LOQBOX wants to change that.
For many people, their goals are unachievable because they have not had an opportunity to build a positive financial profile, they don’t have sufficient savings or they don’t understand how to make the financial system work for them. Bristol, UK-based LOQBOX was started in 2017 by Tom Eyre and Gregor Mowat who co-founded LOQBOX after setting themselves a mission to find solutions to this problem that works for both the lenders and these financially excluded groups. Since LOQBOX launched in the UK and the US, it has helped hundreds of thousands of people to master their money while they save and build their credit score with the three main credit reference agencies.
This course is designed to raise awareness of financial stability and to help explain what financial exclusion means and what LOQBOX is doing to help end it, globally.
- Capitalize their opportunity by realizing not having the best rate for a mortgage or having to use a pre-pay meter for utilities costs you more over the course of your life.
- Increase your score with some simple changes like getting your name on the electoral role can help.
- Build savings and have a backup plan for helping yourself to be financially resilient.