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      • John Schaffer
      28
      Jan 2025

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      What does it mean to, “Vote with your wallet?”

      by John SchafferJanuary 28, 2025

      What Does It Mean to "Vote with Your Wallet?"

      The phrase "Vote with your wallet" isn't new.  In fact, it traces its origins back to around 1915, and has spawned various iterations such as "Voting with your pocketbook," "Dollar voting," and "Voting with your purse."   But regardless of the wording, the underlying sentiment remains the same, that consumers can significantly influence companies, or governments by making financial decisions that align with their personal values and ethics.   While the origin of this phrase may be unclear, its impact is evident in countless examples of how consumer choices drive change.  

      One of the most remarkable aspects of "Voting with your wallet" is how it transcends political boundaries, making it available to any movement or cause. This non-partisan approach empowers individuals from all walks of life to support businesses and organizations that align with their personal values.

      Does Voting with your Wallet Work? 

      The short answer is a resounding “Yes!”  Here are just a few examples: 

      • In 1956, African Americans refused to use the Montgomery Bus System for over a year in protest against the city's segregated bus system. This action led to substantial financial losses for the bus company, and the economic pressure exerted by the boycott was instrumental in prompting changes to bus segregation laws. 
      • In 2010, Greenpeace boycotted Nestlé Corporation due to its use of palm oil sourced from deforested areas.  The boycott resonated with consumers, ultimately leading Nestlé to commit to sourcing palm oil sustainably. 
      • Over the past few decades, the Fair-Trade Movement has gained momentum as consumers increasingly choose products that promote ethical labor practices and environmental sustainability. This shift in consumer preferences demonstrates how purchasing choices can drive significant change. 

      Corporate Choices and Their Impact 

      But it’s not always just grassroots movements that flex their financial muscle.  Sometimes large companies and organizations make choices that reflect their values.  For instance, the National Football League (NFL) chose not to have the 1993 Super Bowl in Arizona because of the state's refusal to recognize Martin Luther King Jr. Day as an official holiday.  The estimated economic impact of not getting to host a Super Bowl in Arizona exceeded $200 million.  This led the residents to pass a law recognizing Martin Luther King Jr. Day the following year.  Consequently, the NFL scheduled the 1996 Super Bowl in Tempe, Arizona.  And more importantly, this controversy helped galvanize civil rights advocacy in Arizona, increasing awareness and action regarding racial equality and representation in state policies. 

      How You Can Make an Impact Even If You Don't Have Millions

      But what if you don’t have as much influence as the NFL and feel that choosing a Fair-Trade product at your local grocery store isn’t enough?  Well, you may have more leverage than you realize.  If you're fortunate enough to have a retirement account like a 401(k) or a Roth IRA, have you considered what companies or governments those plans are supporting?  The harsh reality for most people contributing to retirement accounts is that a substantial amount of their investment may be supporting products, or policies or governments they directly oppose.  

      For this very reason, in 1971, two Methodist ministers who did not want their church funds supporting the Vietnam War created a unique financial product.  They called it the Pax World Fund and it is widely recognized as the first Environmental, Social, and Governance (ESG) mutual fund.  This fund allowed their church to stay true to its principles while still investing in their church's financial security.  These mutual funds excluded investments in defense contractors, tobacco companies, and firms with poor environmental records. 

      Soon after Pax World Fund's inception, other companies began creating similar funds.  For example, the First Spectrum Fund and Dreyfus Third Century Fund invested their shareholders' money into companies aligned with principles of sustainability and social responsibility. 

      Today, by selecting ESG funds, employees can direct their retirement savings toward companies that prioritize environmental sustainability, social justice, and ethical governance practices.

      Measuring Impact

      (1976) "All The President's Men"

      While it is difficult to measure the impact of ESG funds directly, it is noteworthy that there has been a substantial movement among state lawmakers in recent years to pass laws prohibiting state and federal governments from doing business with companies offering ESG products.  These states argue that such laws protect local industries—particularly fossil fuels and firearms—from what they view as boycotts by financial firms prioritizing ESG criteria over traditional financial metrics.   Additionally, state officials assert that these laws ensure investment decisions that are based solely on financial factors rather than social or political considerations.  Despite this backlash against ESG funds—and perhaps because of it—there is a growing demand for ESG options.  This trend has led many employers to consider offering ESG-focused portfolios within their 401(k) plans.  However, many employers remain hesitant to include these options due to political pressures and varying opinions on the relevance of ESG criteria in investment decisions.  Regardless of what your company offers, you still have individual choices regarding how you invest your retirement funds.  Whatever you decide to do, it’s essential to research the companies and funds you invest in with a diligence that matches the importance of your retirement and financial future.

      Follow the Money

      This brings me to some of the best advice I ever received from a movie, “Follow the money.”  In the 1976 film All the President's Men, the phrase "Follow the money" is famously spoken in a dark parking garage by Deep Throat to journalist Bob Woodward.  This advice serves as a crucial clue for Woodward in his investigation of the Watergate scandal, suggesting that financial connections are key to uncovering truths behind political corruption.  Just like we don’t know who first said "Vote with your wallet," we’re also unsure if Deep Throat ever actually said "Follow the money."  However, if you have decided you are going to start "Voting with your wallet," step one is, "Follow the money."

      All the President's Men

      All the President's Men

      Net Positive

      Real Impact

      ESG Investing

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