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Tuesday 7 July 2020
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What You Need To Know When Choosing a Socially Responsible Financial Partner

What You Need To Know When Choosing a Socially Responsible Financial Partner

Choosing a bank that will serve as your financial partner can be a daunting process, especially with uncertainties and alerts frequently popping up about banks in the news. That’s why it is important to choose a company that you can rely on as a partner, that can both reflect your values and support your needs.

Finding a bank, such as Aspiration, that is considered socially responsible may be a good fit for someone interested in a financial institution that keeps ethical decision making at the forefront. Here are a few things you may want to consider when choosing a bank as a financial partner to help your future and the future of society.

Evaluate the Company’s Mission Statement

A great deal can be deciphered through a company’s mission statement and services. Do they consider their impact? Do they uphold the principles they declare and practice those through their services? Companies will often post information about their mission, their services and how those two align. A bank may market themselves as sustainable or socially responsible, but how do they implement those? Consider taking a moment to evaluate the way that the institution lives those values, whether that be through the treatment of their clients or the effect they have on the world. The ability to evaluate their company’s mission and determine its impact on society can be one way to start in the search.

Know What Your Money Supports

Managing money is only one role of a bank. The money you supply financial institutions can be used to fund both positive and negative influences in the world. If you are interested in choosing a more socially responsible option, it may be important to know where your money goes. Evaluate your options, as there can often be benefits not just to society, but also to the clients of the bank. Consider reviewing the bank’s impact and services before providing them with any of your money.

Do Your Research and Ask Questions

Before making this significant life choice, it is important to make your best effort to do research. It can be helpful to ask questions about the bank’s mission and philosophy to see if they are aligned with what you are seeking. Review the company’s public record and their website. There are often significant opportunities to learn more about a company through its digital footprint. It can be necessary to find an institution that can answer your questions with trustworthy responses.

If you are concerned about your impact on the world around you, you may not have thought about your bank’s social responsibility. Consider your current bank’s goals and objectives. Do they match what is important to you? If not, consider finding a financial institution that is more socially responsible. In today’s day and age, there is a great deal of information available at our fingertips, why not use that to make more ethical and responsible choices to our and society’s future? The next time you consider a big financial change or step, think about the ways that this decision could be more socially responsible.