Consumption Crisis

April 3, 2022
Bobbob Team

Savings that Save the Planet

You’ve probably noticed we mention “the planet” a lot. You might wonder what a financial platform has to do with environmental causes? Well, just because your bank has never mentioned the planet before doesn't mean fintech doesn't have a bigger role to play. bobbob is an app built by mindful people for mindful people. People who believe that Fintech can be used as a force for good.

‍In bobbob terms, we call this finance for y🌍ur future. When we talk about "your future", we are not only talking about the future value of your savings, but also the future impact of your spending behaviour on the planet! Our business model has responsible consumerism in its DNA - we promote sustainable finance by helping people Save More Now and spend on the things that matter later - helping you achieve long term financial goals instead of caving in to instant gratification.  

A consumption crisis

Over-consumption is one of the biggest problems our planet is facing. Here are some not-fo-fun facts:

1. Our spending habits as humans cause 65% of all carbon emissions. Sixty. Five!!!
2. One third of all food produced gets thrown away, every year. This amounts to roughly one trillion USD in wasted food. We all know how hard food production is on the planet (from crops to cows to over-fishing), bot to mention many people's constant concern with sustaining their lifestyles and having the income to make ends meet. Yet, we waste this amount of money by throwing out food?! It makes no sense.
3. Fast fashion creates waste. There an estimated 92 million tonnes of global textile waste every year. The equivalent of a rubbish truck of clothing is tossed into a landfill EVERY. SECOND. Let that sink in. What's worse- this is predicted to rise to 93 million tonnes per year by 2030 and 160 million tonnes by 2050. We can't keep this up. Fast fashion HAS to go. Not only this, but about 85% of clothing ends up in a landfill or being burned- not recycled, and not on the backs of those who have so little. It's pure waste.
4. The fashion industry is responsible for 10% of global carbon emissions and is the second biggest cause of water and plastic pollution. Not only as a result of manufacturing and distribution, but disposal too. Our clothes have plastic fibres, the disposal of which (burning or landfills) contributes to micro plastic pollution and harms marine life.

Looking inwards

If we are honest - how many of the clothes and other items we mindlessly accumulate are either thrown out within months, end up at the back of your closet or, even worse, are such poor quality that they can’t survive more than three washes? This is not smart money management and it’s not smart environmental management. The simple truth of the matter is that we can recycle all we like but if we continue to blindly double down on fast fashion and careless consumption (often using ‘Buy Now Pay Later’ models to enable it)- we will never make the changes required to reduce our personal and collective impact on the planet.

Something many people forget is that recycling is great, but your initial purchase used up raw materials (often plastic), contributed to carbon emissions in factories, used oil for transport, and many other resources. Every item has a footprint. So while recycling is better than not recycling, we should not kid ourselves about the impact our purchases have on the planet. Reducing your consumption and buying more selectively is the best option for the planet (Not to mention your financial and mental health! Did Marie Kondo teach us nothing?!)

This is where we come in. bobbob offers you a way to earn on your money now, so that you can buy what you need (and really want), when you need it.

We practice what we preach

We believe it’s the responsibility of companies, such as ourselves, to put the environment front and centre of business strategy, as nothing is more important for the well-being of the world for generations to come. (Some of us actually like it over here on Earth and aren't too keen on this migrate to Mars idea).

As such, we have made a commitment to reach certain green goals, minimize our carbon footprint and uphold a high level of environmental awareness in our business. But we know that action speak louder than words, which is why we pledge 1% of our gross profits to building a better planet- planting trees, supporting wildlife protection programs and other relevant causes. We will blog about the causes we champion - so please follow our journey.

At the core of it-   bobbob is in the business of problem-solving. We not only fixing the financial system to favour users- but we believe it’s our responsibiliy to do what we can to shift people’s relationship with consumption - for their own best interests and the planet's.

bobbob is more than a platform to make money (though it is that)- it is a community of mindful people who want to ensure a better future for the world too.

Start earning 7.60% on your savings today.

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