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By default, we all have ethical and moral responsibility to not spend more than we earn. We need to sometimes ask ourselves these questions! What is the role that ethics plays in my personal finances? How can I make sound ethical decisions when it comes to the stuffs I purchase with money? What is right or wrong in how I pursue, accumulate, and spend the money? What shapes my decision-making when it comes to money?
Ethics simply means the philosophical science that deals with the rightness or wrongness of human decision. The truth is that, learning to manage money responsibly and ethically isn’t always an easy thing to do. However, there are certain financial ethics that most of us apply and adhere to in our lives, usually as a result of our life experiences or things we learnt along the way.
Some of us have even been faced with situations where we find ourselves with a bunch of spendable money that we can either save or do what we want with. Money not meant for any debt, or bills, but we still have a moral and ethical obligation to do what is right with the money. Ethics in finance demands adherence to the highest standards that produces wealth.
We hope you find these basic principles and standards which most business professionals, leaders, and organizations build their ethical code of conduct and culture of integrity on helpful in your finances:
Principles:
- Honesty
- Fairness
- Objectivity
- Responsibility
Standards:
- Competence
- Confidentiality
- Integrity
- Credibility
Practicing good ethics in financial management will help you make wise savings, spending or investing decisions that wouldn’t violate your conscience. We hope this article help motivate you to review your ethics and take actions that will help you reach your financial goals.
Cheers!
