We hope you’re enjoying the “I Moved My Money” blog series! Today’s participant, Geri, reminds us that divestment campaigns have a powerful place in social justice history.
Geri, why was it important to you to divest your personal finances?
As a student at UC Berkeley in the ’70s, I witnessed heroes like Nelson Mandela and Stephen Biko fighting against apartheid in South Africa. As a grad student there again in the ’80s, I saw the impact that collective action could have in support of that cause. When thousands of students sat in Sproul Hall (Biko Plaza) urging divestment, the Regents of the University of California finally moved to divest $3.1 billion from companies doing business in South Africa.
I never forgot that, and have tried since then to be active in supporting social justice causes.
What was the hardest moment in the “move your money” process and how did you overcome it?
For years I did not have any retirement savings, and as a single parent and a librarian, I had the mindset that money was for spending, paying back student loans, not for saving. Later, as I began to build my retirement portfolio, I learned just enough about investing to trust it to a professional provided by my library’s retirement counselor. When I retired, I followed that finance manager to her new job and used her services to move my savings to safe but socially conscious funds. It was, and is, important for me to remember that while individually my funds seem inconsequential, when combined in mutual funds with millions of others, we can direct where to invest and have it mean something.
What pleasantly surprised you about this experience?
It is a false choice to pit personal security against collective action. Everyone needs to first take care of the basics for self and family, but even that can be put to the cause when combined with others with like values. After moving my daily banking away from the top four “dirty banks” to my local credit union, I learned about Third Act’s divestment activities. I joined the SoCal working group on the force of its commitment to expose the dirty banks, and I found colleagues eager to get our beloved Costco away from CitiBank.
What piece of advice would you give to someone considering switching?
- Don’t try to re-invent the wheel. Find a trusted investment manager for your retirement funds and insist that your assets not fund hazardous industries.
- Use Third Act’s easy-to-use checklists to help move away from the worst commercial banks to community banks and credit unions. There are a few phone calls to make, but when you are switched over for direct deposits and automatic bill-paying, these administrative tasks are done.
- Don’t go it alone. Join your neighborhood or community group, join Third Act! Trust your own power to learn the issues, and to learn how your own participation in causes you believe in has an effect.There is power in collective action, and no one is alone here in the universe.
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Inspired by Geri’s story? Our Banking On Our Future task force is here to help!
Visit the Third Act-approved resources below, or drop us an email at thirdactsocalbanking@gmail.com.
- Step-by-step Move Your Money Workbook (in partnership with “THIS! Is What We Did”)
- Drop-in office hours with a trained peer facilitator (in partnership with “THIS! Is What We Did”)
- Aligning Your Money With Your Values webinar (hosted by Green America)
Third Act volunteers are not financial advisors and are legally prohibited from giving financial advice. The resources and support we provide are for educational purposes only and all financial decisions are your own.