S3 E3: Finance: Making your wealth do good
We've talked on the show about spending power and the impact that buying more sustainable products can have on the planet and society. However, what about the impact of our 'wealth', i.e. the money we hold in bank accounts, investments, pensions, etc? Our wealth has a significant impact on carbon emissions, for example. You can create 27 times more impact on carbon emissions/climate change through your savings/investments than you can by cutting out meat from your diet and stopping flying COMBINED!!!?And since 68% of UK savers want their investments to consider people and planet alongside profit, in this episode we break down how wealth can have a negative impact, why it matters and how to switch it up and use your wealth for social good as much as possible.Check out https://makemymoneymatter.co.uk/ - a movement to ensure the money invested in UK pensions is used to build a better world.If you’re looking to change who you bank with, I recommend using the UK Government’s Current Account Switch Service. Bronwyn King TED talk - Oncologist talks about pension: https://www.ted.com/talks/bronwyn_king_you_may_be_accidentally_investing_in_cigarette_companies#t-35173 ShareAction: A charity working towards an investment system that truly serves savers and communities, and protects our environment for the long term. https://shareaction.org/A great blog outlining comparisons between different banks, with our former podcast guest Besma Whayeb: https://www.curiouslyconscious.com/2020/02/best-ethical-banks-current-accounts-uk.html/PLEASE NOTE: Ashna and Lydia are not financial advisors. They do not have any professional or academic training in finance or investments. All of the content of the episode is based on their own amateur research, opinion and personal experience.--What is Switch?The reason we started Switch is because we want sustainable living to be mainstream. The podcast acts as a small piece in the puzzle towards this goal by opening up the conversation on sustainability, helping people to feel more positive, empowered and effective in how they can improve the planet and society.Say hello at www.podcastswitch.com or follow us on social media @podcastswitch.--