Money

Every time we open our wallets or make a purchase we are essentially voting for the kind of world we want! There are lots of tips in other sections about these choices. Tips on how we need to judge “cost” in a way that goes beyond the purely financial. Considerations include impacts on people, planet and nature. When it comes to money and finance, whatever our personal circumstance, there are ways that we can use our choices. Choices to reduce emissions.

We can encourage companies to make more positive choices about their carbon impact.

Being better informed about links between the economy and climate change is hugely important. This is demonstrated by the recent Reith lectures by the former Governor of the Bank of England. They discussed the links between the economy, COVID and climate change.

For those of us lucky enough to have a pension plan, it is likely to be the largest investment that we hold. Our collective influence over the significant amounts of money invested by pension schemes is huge!

*It is important that appropriate, professional independent financial advice is sought when making significant financial decisions. The Ethical Investment Association is a group of IFAs who are

“keen to offer green and ethical investment advice to their clients”.

It was founded in 1998 and is now a sub-group of the UKSIF – the UK Sustainable Investment and Finance Association.

Going beyond low carbon financial products to considering wider ethical implications of financial decisions can bring a host of additional benefits. Whether considering personal investments or investments by our pension providers. There are an increasing range of active choices that we can make. There are thousands of pooled investment funds on the market. More than two hundred of them in the UK carry the name ‘ethical’ or ‘sustainable’. The Ethical Consumer Magazine Ethical Investment Fund Guide scores companies based on their attitude. their attitude to fossil fuels, banks, animal testing and arms – as well as important info on their financial performance.

Ethical pension funds have fared particularly well during the coronavirus crisis.

This is because they are generally invested in healthcare and technology. they’re not invested in fossil fuels which have been badly hit by the falling price of oil.

*It is important that appropriate, professional independent financial advice is sought when making significant financial decisions. The Ethical Investment Association is a group of IFAs who are

“keen to offer green and ethical investment advice to their clients”.

It was founded in 1998 and is now a sub-group of the UKSIF – the UK Sustainable Investment and Finance Association.

Many choices about financial products are limited to national initiatives.

However, there are also things happening locally that offer good choices. Many of the other sections in this platform include tips about how to reduce waste. Reducing waste which also lead to saving money!

There are active local Facebook groups. For instance, Preloved Items Hereford, Items for sale in Hereford and Hereford Sell / Buy. These groups offer the chance to save money by buying second hand from local sellers. The Herefordshire Community Recycling and Reuse Group raises money for local charities and can supply household furniture and furnishing to those in need.

The Herefordshire Money Box Credit Union is a not-for-profit savings and loans cooperative. It is owned by its members and managed for their mutual benefit. They provide a safe home for savings with access to affordable low cost loans. Membership is open to anyone who lives or works in Herefordshire.

Benefits of a Circular Economy

The financial (as well as environmental) benefits of moving to a Circular economy, which is based on the principles of designing out waste and pollution, keeping products and materials in use, and regenerating natural systems are huge. Our local Community Energy schemes (like Pomona , Leominster Community Solar,) are an integral part of the circular economy and above all showcase the potential of this system.

Those individuals, groups and businesses who are interested in the impact of their spending on the local economy (otherwise known as the Local Multiplier) can find out more via “Plugging the Leaks: Making the most of Every Pound that Enters your Local Economy” and “The Money Trail” publication inspired by Herefordshire author Perry Walker.