Ethical investments are no longer a rarity or the hallmark of a reluctant investor. Time has shown that investments made to avoid the evils of the arms trade, tobacco, alcohol, pornography, gambling, while encouraging green and social practices can turn a profit.

Indeed, 39% of non-ethical investors do not like the idea of money going to causes they disagree with and 64% of them agree that they would be far more likely to consider such products if their IFA discussed it with them. This according to new research from Ecclesiastical Investment Management.

In other words, there seems to be ample scope to increase the percentage of ethical investors from the current level of eight per cent.

Does that matter?

It is important to remember that a business does not become economically viable because of investors. It needs customers and clients. It also needs marketable products and capable management.

But bad and ruinous as it may be, tobacco does not go out of style simply because fewer people want to buy up tobacco shares. Nor does the production and sale of weapons cease at the whiff of displeased investors. As long as there are buyers for their products, there will be a market and a provider of whatever questionable service or good is in demand. If there is demand for these firms’ goods, there will be demand from investors, somewhere.

Don’t get me wrong. I would gladly see all weapon abolished and never have to take another breath of smoky exhaust from the guy walking in front of me. I want the sweatshop workers to unionise and children to go to school instead of working. Reading of toxic Indian rivers polluted with dye from the textile industry makes me sick and there are ways of treating farm animals which are just wrong.

That is why I buy fewer clothes for more money; it is why I don’t smoke and don’t apply for a weapons licence. It is why I vote for politicians who will legislate to my liking and why I consider the labels on my food.

Directing my spending money with care is how I contribute to the kind of businesses I like.

By all means buy ethically if you believe that there is an economically viable business model to support. If you invest in a bad business, you are doing no one a favour and loosing money by being good is not noble, just stupid.

In fact, with less money you might end up having to buy cheap sweatshop-produced fabric and mistreated chicken.

The financial stress might even make you smoke.

Anne-Louise Stranne Petersen is a journalism student at City University