Insights, Reflections and Conversations
What now?
The insights I take from this learning journey into the world of money and banking are manifold. On the macro level, I see that our dominant economic narrative plus the culture we have built around it continue to disregard the long-term implications of our actions. This becomes explicit when we realise that even the greatest efforts of the private sector have been too shy compared to the urgency of our interrelated environmental and social crisis. Within this reality, finance has been made overly complicated, exclusive, and speculative — favouring financial elites instead of serving the real economy. In this sense, it is clear that one of the main reasons we are disengaged with our banks and investments is because it is too difficult to speak their language or to understand how it all works. Even if we succeed in having a better grasp of the financial products available, all we end up discussing is sophisticated terms and percentage rates which are completely disconnected from their actual impact on people and planet.
On the individual level, we have deeply internalised the fear of scarcity and the notion that ‘more is better’ which has been perpetuated by our economic narrative. Consequently, we find it incredibly hard to let go of even the simplest of thoughts and habits. Similarly, influenced by a consumerist culture that encourages us to pursue well-being through material acquisitions, no matter how hard we try, we never seem to feed our real need for being connected, empowered and protected. While industries fail to understand that tackling the multiple challenges of the 21st century requires them to internalise what they insist on considering externalities, we, as individuals, must comprehend that the answers we are looking for reside inside ourselves and not in stuff we buy or accumulate. Rather than making more money, what truly helps is to constantly ask ourselves the question: how much is enough? From this point, we can start seeing money through a new lens, and use it for what we believe is right, instead of letting it work against us — as it currently does.
As has been illustrated in the previous articles, financial institutions standing for more ethical, sustainable, and relational approaches to banking and investing are rapidly appearing and gaining traction around the world. In this sense, alternatives that make us rest assured our money is being invested according to our values are already in place. But not for everybody yet. Despite the great variety of players showcased in previous articles, ethical and sustainable financial alternatives seem to be geographically concentrated (in Europe and the United States) and vastly outnumbered by traditional banks and investment intermediaries. For instance, in Brazil (my home country), there is not yet a robust player advocating for a more regenerative financial system. Meanwhile, commercial banks are in every corner and new digital versions of them, with no ethical aspect, are entering the market.
In addition to that, finding the time and the courage to identify one or more alternatives which suit us and moving our money is not for everybody either. Even though I have spent the last four months immersed in the theme, I have not yet found or fully understood the available options in which I could invest my own money. Vicki Robin (2011) refers to financial independence when she says in her workshop: “This work requires rigour, honesty and a radical willingness to change”, and I will allow myself to extend this statement to the act of investing ethically. It also involves dealing with discomfort, and I can say from experience that the feelings of reluctance, fear, doubt, and disempowerment visited me many times during this inquiry.
Nevertheless, the aim of this dissertation, as pointed out in the introduction, was not to reach conclusions or find perfect answers, but to start a conversation — which in itself was extremely enriching and liberating. In this light, a few additional key take-aways I carry with me for future steps are:
We need to talk about money, the more, the better. As I shared my findings with friends throughout this inquiry, many of them confessed they wish they had a healthier relationship with money. They also held a lack of trust towards banks and expressed a desire to find alternatives more closely aligned with their values. As scary as it may seem to break the silence about this topic, people are eager to share their experiences and help each other. Moreover, testimonials confirm that the feelings of relief and empowerment that comes with being able to talk openly about money are priceless. Most importantly, we must find a more accessible, simple and engaging way of speaking about it.
It requires a mindset shift. The best-selling books and trending YouTube videos on financial education are those disseminating the idea of getting rich fast and retiring early. Instead of learning how to win in the stock market, I believe we need financial education which helps us increase the well-being of people and support the regeneration of the natural world. We might branch out into community currencies or cryptocurrencies, but if we do not change the way we relate to money, we will continue to replicate greed, scarcity, competition, and fear. Similarly, we need to emphasise the emotional and social returns we gain when supporting initiatives and people we truly admire.
No judgement. We are the best ones to know to what extent we are able to act, given our personal story, context, and stage in life. In opening a dialogue about money, my intention is not to point the finger nor to force anyone into sustainable investing. We might be in a position where we can move our money now, or start by transferring a small part of it each year. But we might also be in no position to make such change yet. It is up to each of us to assess our needs and the size of the step we can take.
Where we bank matters. Alluding to Ken Webster, it is impossible to promise that it will all turn out fine if only we behave in a certain way. The world is too complex and dynamic for such certainties. Nevertheless, we can set the conditions for what we want to see unfolding and act within the flows of our system in order to influence the direction our reality takes. We are all participant actors in our economy and each of our financial choices — in earning, spending, saving and investing — carry implications.
All said, there is no way of guaranteeing results or predicting outcomes. However, if we keep adjusting our way as we go, with humility and responsibility, we could start using the money we are not actually using, to help people and planet thrive. Let’s keep talking.
References used for this article:
ROBIN, V. and DOMINGUEZ, J. (2018) Your Money or Your Life: 9 steps to transforming your relationship with money and achieving financial independence. 2nd Rev. ed. New York: Penguin Books.
ROBIN, V. (2011) Your Money or Your Life: Nine Steps to Transforming Your Relationship with Money. Microsoft Research, in-company workshop. [YouTube film] Available from: https://www.youtube.com/watch?v=F16IitKBjH8 [Accessed 14/08/19].
HÄUSLER, M. M. (2019) Mar Michelle Häusler | Your Money AND Your Life. [YouTube film] Available from: https://www.youtube.com/watch?v=zBfomg2bT48 [Accessed 14/08/19].
WEBSTER, K. (2018) A Flow of Wealth or a Wealth of Flows? | Disruptive Innovation Festival (DIF). [YouTube film] Available from: https://www.youtube.com/watch?v=DYNoQh_ZyPc [Accessed 14/08/19].
