Businesses, charities and individuals across the south west are being encouraged to move their savings to an ethical bank.
Charity Bank’s Follow the Money campaign is calling on businesses, charities and individuals to question how their savings are currently being used. It’s asking them to consider whether their money could go beyond simply earning a fair return and be channelled into the social sector to help create lasting social change.
The campaign will see Cosgarne Hall in St Austell and 37 other charities and social enterprises – who have all received loans from Charity Bank – open their doors to showcase how money saved with an ethical provider can have a positive impact on society.
Launched a decade after the global financial crisis, it aims to highlight a different approach to banking and how by saving with an ethical bank, people and organisations can transform their money into a powerful force for good.
It comes as research published by Charity Bank reveals that 74% of people in the south west think that charities should invest their savings and investments ethically and 58% prefer to buy from businesses that act ethically.
Cosgarne Hall, which provides accommodation and tailored support for homeless adults in Cornwall, has received three Charity Bank loans – totalling £413k – over the past six years to assist with property purchase, development and refinancing. positive impact to p
Malcolm Putko, asset and operations director at Cosgarne Hall, said: “Charity Bank has helped us grow from infancy to adulthood and we’ve had an excellent relationship throughout. Working with Charity Bank, you can actually call your manager and have a conversation, knowing full well that they will understand you, have been to see you and will always be flexible.
“Charity Bank’s sector experience has brought invaluable support and knowledge to us. They have always acted with our best interests in mind.”
Charity Bank’s recent survey also shows there is an appetite for a more transparent and socially-minded approach to banking and investment. Further findings for the south west revealed:
- 59% feel their bank doesn’t make it clear how the money they save is being used or where it is invested.
- 61% would like their bank to make it clearer what happens to their money and where it is invested.
- 58% believe businesses should do more to tackle social issues.
- 53% prefer to buy from businesses that can demonstrate similar values to their own
Edward Siegel, Charity Bank’s chief executive, said: “It’s easy to dismiss the possibility of achieving a social return as well as a financial return on your investments but saving ethically offers the chance to do both.
“By channelling money into charities, social enterprises and social businesses, your money is used as a force for good. It enables these organisations to grow, innovate and build upon the services and support they provide to their beneficiaries.”