What does being good with money ACTUALLY mean?
We asked some experts in values-based money for their personal take. Here’s what they said.
Amanda Young, head of responsible investment, Standard Life Investments: “For me, it is about having the power to direct your money to areas that are aligned to your personal values, know that by doing so you are financing organisations that have the ability to deliver positive environmental and social benefits and solutions to the world and society.”
Andrew Hagger, moneycomms founder and a good-with-money.com expert: “Being good with money isn’t all about getting the very best interest rate at any cost. Securing the cheapest loan or highest investment return may put extra cash in your pocket today but if we adopt this blinkered strategy on a wider it scale will cause irreparable damage to our planet and none of us will be a winner in the longer term.”
Anna Laycock, chief strategist, Finance Innovation Lab: “Being good with money starts by realising that money can be good. There’s no natural law that says finance has to exploit people and planet. And there’s no reason why finance has to be left to the ‘experts’. We can take back control and invest in things that build a better future for everyone.”
Bruce Davis, founder and joint managing director, Abundance: “In the past, being good with money meant giving it away as absolution for its accumulation. At Abundance, we believe that being good with money does not exclude making a good return on your investment. We call it ‘win win investing’ which means no longer having to compromise your values for your financial goals or vice versa.”
Charles Middleton, managing director, Triodos Bank: “Being good with money is all about taking a conscious approach to what you do with it, being aware of the impact it’s having and making sure that’s OK with you. Your money is one of the most powerful tools you have to make a difference to the world; make sure you’re using it as a force for good.”
Jamie Hartzell, chair, Ethex: “Money is like a teenager – it never does what you say and makes a habit of getting into trouble. Being good with money is hard work – it means doing all you can to stay in touch with your money and making sure that it is behaving well.”
Patrick Crawford, chief executive, Charity Bank: “The power to use finance to create a better society and to make money work for both your personal needs and for the good of others exists. We’re a bank that believes that banking should always work for good, which is why we use the money deposited in our savings accounts to support charities and social enterprises. It’s why charitable foundations and trusts and social purpose organisations invest in us. It’s why more people are choosing to save with and borrow from us.”
John Ditchfield, partner at Castlefield, the ethical IFA: “Money is a very powerful thing and the collective decisions we all make about saving and investing all have a huge impact on the world around us. It simply means being a little more aware of how our financial decisions come to have real-world consequences.”