Making Financial Power Work for Local Places
The aim of this pillar is to generate additional wealth from the money already circulating a community and prevent a transfer of wealth from your area to a shareholder of a business that will likely never visit your community. That can be impacted daily by where we choose to spend our disposable income. In addition, where a person chooses to store their savings can have a significant and long-term impact on your community’s ability to utilise and retain wealth.
Consider how your spend can make a difference by;
Purchase locally tomorrow instead of purchasing nationally tonight: Where convenient to do so, each person can decline to purchase a product online immediately and wait to visit their local high street and purchase there.
By using your spending power to buy goods or services from a local buisness, you are encouraging wealth to stay within the community. Local businesses play a key part in our high streets and local economy, and by spending your money in a business that employs someone in your community who is likely to spend their salary in your community it helps to create a circular economy.
Purchasing locally also can benefit can have a positive environmental impact. By supporting local suppliers and encouraging a more seasonal, farm to table approach can really help reduce the food miles considerably.
Save Locally: Consider using community banks or credit unions instead of high street banks, which ensures that money stays within the community.
Invest locally: Invest in local pension funds, where money is made available to people wishing to start up SMEs in your area. For many who invest in pensions they know very little about the companies or shares that they are linked to. By educating ourselves financially it helps us to understand our buying power and make ethical choices.
"Making financial power work for the Dunbar and East Linton ward includes developers being required to make proportionately significant contributions to real improvements locally, directed by the community. It also includes partnership working across public/private/third sectors to empower the local community to play a strong part in design and delivery of the services it knows it needs".
Kate Darrah, The Ridge, Dunbar
"Financial power at the heart of the community is key to all we do for our members, helping them save and if necessary, borrow in times of need."
Adrian Sargent, Castle Community Bank, Leith