Do you care where your money goes?
24th January 2020
They say money makes the world go round, but what other impact is it having on our planet?
The way we spend, store and invest our money can have significant impacts on pressing issues such as climate change, unethical workplace practices and poverty.
How…? Let’s take a look.
Good Energy vs Bad Energy
Burning fossil fuels is a big contributor to climate change, which means that who you choose as your energy provider, and your choice of energy tariff is very important.
By choosing a green energy provider, you’re driving down demand for fossil fuels and driving up the demand for renewables.
Check out this list of green energy providers here. Switching is easy too, as the new supplier will arrange the switch for you. Simples!
Ethical Banking – what are you funding?
This is a big one!
From savings to investments, or simply your current account, these all have an impact on the planet.
Different banks invest money in different sectors, from fossil fuels and weapons, to renewable energy and positive social projects.
Which bank you pick determines which sector your hard-earned cash is funding.
Some banks are also heavy users of tax havens, to avoid Corporate tax. This greatly impacts those countries which then lack the funds for essential services like education and healthcare.
But how do you know which banks are ethical and which are not?
Well luckily someone has done all the hard work for you and created a list of the most (and least) ethical banks – check it out here!
AND just like energy providers, most banks will arrange the switch for you now, moving all your direct debits over! Easy peasy! 🙂
Fashion faux pas – Unsustainable Fashion
Did you know the textiles industry is one of the biggest contributors to many of the environmental issues we face today?
The production and distribution of crops, fibres and garments used in fashion all contribute to differing forms of environmental pollution. There are also some companies that exploit workers in under-developed countries, through poor wages and unsafe or unethical working conditions.
So, we want to encourage you to avoid the biggest fashion faux pas of them all…unsustainable fashion.
Think about who your favourite brands are and where your money is going when you purchase their goods. Do you know where your money is going?
Even better still, purchase clothes from a charity shop! It’s a cheaper, more sustainable option and you know where your money is going – towards a good cause! You can even get vintage and designer clothes through many charities via their online stores. Oxfam, The Red Cross and Sense all have online stores you can peruse.
Food for thought – Fairtrade and more
A typical UK household will spend nearly half of its expenditure in the supermarket, so what we’re spending the money on and which company we are spending with, has a big impact on the planet.
Fairtrade products ensure a fair wage to the farmers and producers of the product and organic goods are grown without chemical pesticides or fertilisers. But there’s more to being an ethical supermarket than offering these options.
See the Good Shopping Guide’s list of ethical and unethical supermarkets in the UK. Maybe you could switch to one a bit higher up the scoreboard? Even if you can’t switch your supermarket though, remember that you can still make a difference by choosing more ethical products to spend your money on!
Can I really make a difference?
The short answer… YES!
The activities of businesses are, in principle, driven by the demand of individual people…their customers…you.
Your spending habits show businesses what you want more, or less of.
So what changes can you make with your money?