With election season quickly approaching, many Americans are considering how they’ll cast their ballots in November. Few of us are aware of how we vote with our wallets every day.
What is “Voting with your Wallet?”
Dollar voting, or voting with your wallet, refers to making socially conscious purchases from companies that align with your values. Companies are motivated by profit. When consumers boycott or refuse to purchase from a company that employs unethical business practices, they take a stand against those ideas and can choose to support socially responsible businesses instead.
How Voting With Your Wallet Works
When money talks, companies listen. Boycotts work and are a critical piece of our American culture. The boycott of British goods in the Revolutionary era, the Montgomery Bus Boycotts during the Civil Rights Movement, or the Delano Grape boycott (and strike) for better working conditions illustrate the long history and truly American nature of dollar voting for social change. History has shown us that economic pressure is an effective tool we can utilize to shape our world for the better.
How voting with your wallet can make an impact
There are many resources for finding companies that support your values. Lists of companies that exploit prison labor, engage in animal testing, promote unsustainable practices, and more are readily available for conscious consumers. In addition, you can find lists of companies that are inclusive and sustainable when looking for new places to shop. Part of the process is doing some research on companies you frequently purchase from, ethical substitutes for common unethical brands, and companies that align with your personal values. We must also listen to the voices and demands of activists and organizers calling for our financial support or divestment from certain brands. Another thing to consider is how you use your dollar to invest in the future of our country and if your investments reflect your vote.
One way to do that is to become an ethical investor and engage in impact investing. Impact investing, which is founded on principles of social responsibility and sustainable problem solving, is the practice of investing in companies developing solutions to global challenges.
Here at Invested Interests, we have portfolios that support causes like the environment, peace, and human rights and diversity. Through responsible and conscious investing, you can ensure that your finances support your values and vision for the future.