The term “ESG,” which stands for Environmental, Social and Governance, was first coined in 2005 and has steadily gained traction over the last decade as concerns over climate change have taken centre stage. Also known as sustainable investing, ESG investing seeks to invest only in companies that adhere to socially responsible business practices, whether it’s reducing one’s carbon footprint, obeying labour laws or avoiding business with corrupt regimes.
While most people don’t think of their debit or credit card as a fashion accessory, that may soon be changing. A number of companies are now offering pay wear, a catch-all term for a variety of fashionable items–such as watches, rings or even jewelry pins–that allow users to pay for purchases by tapping at contactless payment terminals. Each pay wear item has a chip from a typical debit or credit card inserted into the fashionable device, which can then be attached to clothing or worn as jewelry.
Poised to potentially reshape the banking industry, open banking is a way for customers to securely share their financial data with other third-party providers in order to receive a wider array of tailored services, like car insurance quotes or help with budgeting– just to name a few. For example, an open banking app could help you more easily track spending across your various bank and credit card accounts–even if they’re at different institutions.
Last year Canada’s Finance Department began consultations on the merits of open banking; however, it will likely be years before any measures are fully adopted in Canada.
Sounds a bit ominous, doesn’t it? Generally speaking, debt apocalypse refers to the financial consequences that could await those that spend beyond their means and accumulate unmanageable debt. In the event of an economic shock, like a recession, many could be forced to default on their debt, placing a serious strain on the overall health of the economy.
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