Financial Activism
Gen X and Millennials are projected to become the richest generation in history. There are a lot of ways to seize power for the people through financial means also known as financial activism. Not everyone can hold a sign and join a protest on the street, whether it be for physical or logistical challenges. Financial activism uses economic tactics, big and small, to help make change. It’s about everyday people and everyday actions adding up to create a world that we want to live in. Money holds power. Everyone holds power. Understanding how you hold influence and power is necessary for continued development. Financial activism is also not an invitation to be a perfectionist. Each of the different tools listed can increase your positive impact or decrease your negative impact and some tools will be more accessible than others and that’s okay. We all start somewhere, and we all do what we can.
6 Tools of a Financial Activist
- Donate-Donating is a straightforward concept that we are familiar with but philanthropy also comes with responsibility. Blindly donating to causes without proper due diligence can end up putting your hard-earned cash towards ineffective organizations or corrupt management or for-profit fronts. Good questions to ask are what are they fundraising for? How is the money disseminated? Are they successful in their programs? Do the beneficiaries have a voice? The following website can help you research charities to ensure you put your power behind something you believe in: https://www.charitynavigator.org/
- Swap & Borrow-Opting out of consumerism on everything is not the answer and it’s not entirely possible but switching to a swap and borrow economy where it is possible can help reduce overconsumption and associated greenhouse gases helping you contribute to positive climate changes. Consider borrowing from a friend or neighbor in your community if you need to use something once or want to try before you buy. Adopting the ideology of a conscious consumer can look like many things including opting out of a traditional spending economy.
- Secondhand Economy-Some argue that the secondhand clothing industry exists only because we over consume textiles on a global scale. Buying second hand is a great way to help limit over consumption or waste in landfills. The secondhand market is commonly associated with being the cure for the fast fashion industry which is infamous for its sustainability issues.
- Ethical Spending-Sometimes you do have to buy things off the shelf and that is okay it doesn’t mean you still can’t do good. This is perhaps the most visible everyday tool for a financial activist. You can be socially and environmentally responsible by simply starting to think and be a conscious consumer. Conscious consumption can look like many things such as buying from ethical businesses, purchasing locally, shopping with cooperatives, etc. You are able to check with numerous databases to see which brands align with your values so that you can feel good about where you put your money. Below are a few resources:
https://www.sustainablejungle.com/
https://www.ethicalconsumer.org/
- Boycotts-Using your money for good can also be about where you decide not to spend money. You can let companies know that you disagree with their values by boycotting. Large brands do not often listen except in the economic sense. This is why financial activism is such an important tool for our individual power. One bad year of less profit is easier to come back from than long-term reputable damage. Research suggests that reputational damage is one of the bigger impacts of boycott even than the money. No doubt, consumers have power.
- Divestment-Divestment is boycotting on a larger scale. It is removing your money from entire industries that cause social and environmental harm. The biggest example of this is the fossil fuel industry. Tobacco, private prisms, and the arms trade are also examples of divestment opportunities.
Collective action works and we have watched it work throughout our history. We learned about it in textbooks and now it’s our turn to enact it. If we all do what we can just a little it will be that much more equitable, that much more sustainable and our future will be that much more achievable. Financial activism is another way to focus on what you can control. In this current climate, it is easy to get caught up doom-scrolling and get lost in the bad news after bad news. Only focus on what you can control and give yourself the opportunity to show up.
If this article spoke to you and you want to talk more about tangible coping skills and focusing on what is in your control, please contact Life Enhancement Counseling Services at 407-443-8862 to schedule an appointment with one of our licensed mental health counselors.
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