Can we take care of the world while taking care of our cash?

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Iona Bain

Young people are being asked to consider the moral implications of their financial decisions as part of a national drive to encourage ethical saving and investing.

Religious leaders, entrepreneurs and financial advisers are supporting Good Money Week, which kicks off tomorrow, in the hope it will bolster their efforts to create a more virtuous financial system.

The Church of Scotland is galvanising its ministers to preach about the initiative, having held a high-powered conference in Glasgow earlier this month to raise awareness.

Scott Murray, director of Edinburgh-based Virtuo Wealth, said: “The public debate about ethical finance is finally filtering down towards the retail market. Consumers routinely ask whether they should buy fair trade chocolate, so why not do the same with their Isa?”

Julian Parrott, partner at advisory firm Ethical Futures in Edinburgh, said the campaign’s change of name from Ethical Investment Week heralds a greater awareness of banking, insurance and saving options for conscientious consumers.

He added: “There is also a nascent market in social impact investment as well as community and peer-to-peer investments, particularly with a focus on environmental projects.”

Indeed, investors can now support worthy businesses directly through Crowdcube, a crowd-funding site which has just set up its first office in Scotland.

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