We have seen a boom in ‘sustainable’ brands, ‘fair trade’ supply chains, and even ‘ethical’ superannuation funds, as switched-on consumers demand transparency and grow increasingly concerned about what kind of products and industries their hard-earned dollars may be supporting.
This evolution towards the ethical begs the question: what about your savings that are sitting in the bank? They’re not just sitting in the bank, after all. Banks use your money as a sort of ‘piggy bank’ to lend to other clients — some of whom you might not be so thrilled about.
While many banks have policies on investing in industries such as tobacco and coal, most of them don’t take animal welfare into account in any meaningful way when choosing who gets their financial support. This means there’s nothing stopping them from lending to cruel animal industries — using your money.