Making financial powers work for local places

The aim of this pillar is to generate additional wealth from the money already circulating within a community and prevent transfer of wealth to a shareholder or business who is not based or invested in your area. You can influence this by choosing where to spend your 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.

• Purchase locally: by choosing your local shops and businesses to purchase products from, rather than opting to buy online from large national retailers. Where convenient to do so, you’ll be spending your money in a business that employs someone in your community who will then also spend their pay in the local area.

• Save locally: consider using community banks or credit unions instead of high street banks, which ensures that money stays within the community.

• Invest locally: choosing your local shops and businesses to purchase products from, rather than opting to buy online from large national retailers can make a huge impact to a community.