Throughout our working lives, we are encouraged to save money for the golden years. If we are fortunate enough to have a 401K plan through an employer or a pension plan, we have allocated a portion of our income to be put into these funds. Over the years, while our money is accumulating, the financial firms are using it to invest in money markets and other investment funds. Some of these investments are good for our communities and the environment and some are not.

The same thing happens with banks and insurance companies. Lots of people deposit money into banks for safekeeping, and lots of people pay insurance premiums for house, car and life. Our money does not just sit in these institutions. Our money is reinvested in various financial markets to generate income and profits for the institution.

The bottom line is – wherever we put our money- it does not just “sit” there! It is being reinvested for profit making. These financial institutions often provide loans for new businesses as well as funding the expansion of other businesses.

OK, you might be thinking – so what? Well, what if we had a say in where our money is being invested? What if we could trust that it is being used to research a cure for cancer – or to build solar farms- or to start up a new company aimed at recycling plastic? If we knew which banks, insurance companies and retirement plans align with our values, then we could choose which banks, insurance companies and retirement firms to work with. We can essentially put our money where our values are!

In recent years, I have discovered that my former credit card provider was investing in the expansion of fossil fuels. “Bank of America has the worst record for financing companies that are extracting fossil fuels in the Amazon. It committed $162 million in 2023 for those operations.” May 24, 2024, sierraclub.org. This use of my money does not align with my values! I needed to find another credit card.

I found another credit card provider that ranks high in ethical and sustainable energy. It was great to discover that there are banks out there with my values. I just had to look for them. I found a credit card through First Bank of Omaha. The Amalgamated credit card has replaced my Bank of America Card. I feel good about this change. Other “green” banks can be found at bank.green.

Locally, I am pleased to be able to praise Bar Harbor Bank and Trust. They invest $71 for every $100 you deposit into our local communities. Mascoma Bank tops this at $75 /$100 deposited. You can check on the status of your bank by going to mightydeposits.com and typing in your bank.

As a member of the “elder” generation, I am concerned about leaving our planet in worse shape than when I was born. If I can do my small part in making a difference, I want to. Money is Power. Money invested in sustainable, green investments by a large number of people can be a powerful force. We can choose to put our money where our values are.