Most Brits are unwittingly funding the climate crisis through their savings and pensions, reveals a new report, as Boris Johnson promises to restore 30 per cent of the UK’s land to nature by 2030. Meanwhile, ethical bank Triodos launches a ‘refer a friend’ incentive to grow its sustainable banking community, Legal & General joins forces with Tumelo to give its pensions customers a say in how their money is invested, and a quarter of Brits say they lack confidence in their personal finances post Covid-19. It’s the Good With Money news brief.
Majority of Brits are unwittingly funding the climate crisis, reveals new report
Most Brits (67 per cent) are unknowingly funding the climate crisis by investing their money in savings accounts or pension funds that fund destructive industries such as oil and gas, a new study shows.
Despite 61 per cent of respondents citing climate change as their top concern, 32 per cent had pension funds that could be supporting climate change, according to the survey by sustainable investment app Clim8 Invest.
The world’s three largest money managers – BlackRock, Vanguard and State Street – use money from people’s private savings and pension contributions in their fossil fuel investment portfolios – worth $300 billion (£234.3 billion), according to Clim8 Invest.
Half of consumers said they didn’t know where their money is invested. And 57 per cent said they were surprised to learn their savings are being invested in companies that have an adverse impact on the environment.
Boris Johnson promises to ‘restore to nature’ 30% of UK’s land
Boris Johnson is promising to protect 30 per cent of the UK’s land by 2030 under Government plans to support the recovery of nature.
The Prime Minister will make the pledge at a virtual United Nations event today (Monday) where he will warn that countries must act to reverse biodiversity loss.
Mr Johnson’s commitment will see an additional 400,000 hectares of land in England, equivalent to the size of the Lake District and South Downs national parks combined, being protected in the next decade.
The environment is a devolved matter, but the Government has said it will work with Scotland, Wales and Northern Ireland, as well as landowners, to increase the size of protected land across the UK.
Ethical bank Triodos launches ‘refer a friend’ incentive
Triodos Bank has launched a ‘refer a friend’ reward scheme to help grow its sustainable banking community.
The ethical bank will make a £25 donation to an existing Triodos customer’s chosen charity (Friends of the Earth, RSPB, Soil Association) when they recommend someone for a personal current account.
The existing customer must be over 18 and have a Current Account, Savings Account, Cash ISA, Investment ISA or joint account to qualify, and must use the Refer a Friend scheme.
New Triodos customers will be able to choose from a £60 voucher for Ethical Superstore or Neal’s Yard, a charity donation or a combination of both.
The launch is supported with a film featuring Triodos customer and environmental campaigner Sir Mark Rylance.
Legal & General joins forces with Tumelo
Legal & General Investment Management (LGIM) has partnered with sustainable fintech firm Tumelo to enable investors to see which companies they invest in and have a say on the issues they care about most.
LGIM, which manages £1.2 trillion in assets, is the first corporate pension provider to officially roll Tumelo out across its pension scheme clients.
The move means LGIM customers can see where the money in their pension is invested, and have a voice on issues as climate change, gender equality, and human rights.
Georgia Stewart, Co-Founder and CEO of Tumelo, said: “The largest companies in the world have a profound effect on the way we live our lives, and on what our futures will look like. But they are not untouchable. Where our money is invested, and how those companies are stewarded, is critically important if our society is to have a better future and if biodiversity is to survive.
“This partnership paves the way to a transparent and democratised future of asset management, where investors’ voices are fairly represented and where stewardship is impact-driven and focused on the long-term. We’re proud to help LGIM, manager of £1.2 trillion assets, build a world that we want to retire into.”
Quarter of Brits not confident about personal finances post Covid-19
More than one in four Brits (26 per cent) are not confident about controlling their finances following the coronavirus pandemic, reveals a new study.
The survey of 1,965 UK adults aged over 25, by the Chartered Institute for Securities & Investment (CISI), showed the 35-54 year old age group were most likely to lack confidence with their money (33 per cent).
Consumers were also asked if they had the knowledge to make the right financial choices in their lives. Overall, 15 per cent said they did not. Confidence was lower in Northern Ireland, with 23 per cent saying they lacked necessary knowledge compared to 11 per cent in the East Midlands. Among 25-34 year olds, 20 per cent said they did not have the necessary knowledge.