Trump fuels demand for more ethical investing
The unexpected rise of Donald Trump has helped fuel the formation of the “ethical generation,” which is comprised of socially conscious consumers committed to ensuring their investments are sustainable and align with their own world view.
In the US calls to boycott Ivanka Trump’s fashion brand saw it dumped from major department stores and after ridesharing service Uber switched on surge pricing to capitalise on the crowds at an anti-Trump protest in New York, a #deleteuber movement kicked off.
Last week anti-Adani coal mine protesters prompted the temporary closure of 11 Commonwealth Bank of Australia branches in Newcastle and the boss of the corporate watchdog, Greg Medcraft is on record talking about the power of “the crowd,” to disrupt our financial system.
With consumer activism becoming such a powerful change agent, investors and particularly millennials who have over $3 trillion in spending power, are getting in on the act.
A new investment app by Goodments has been developed that makes it easier for people to invest in “good” businesses and build a portfolio that better suits their individual values.
“It does feel like it’s the right time,” said Emily Taylor, co-founder of sustainable investment platform Goodments.
“I would never say we like Trump. But I think him being in power and a lot of the regressive policies that are coming from our own government, and also the US, is actually making people realise that they need to take matters into their own hands,” Ms Taylor said.
“Now more than ever people realise the action has to come from us. It’s exactly the same with Adani – ultimately people feel that they can’t rely on the government to make decisions that represent the way they actually think.”
Goodments, which is currently in beta-mode and readying for its August launch, was set up by Ms Taylor, head of strategy at advertising company Leo Burnett Sydney, and her husband Tom Culver, a former head of client insights at ANZ Private Wealth.
Source: Trump fuels demand for more ethical investing | afr.com
