Almost three quarters of UK savers (74 per cent) want their money to positively impact people and the planet, new research reveals.
The nationwide poll by Ecology Building Society found that tackling the climate crisis and helping to support affordable housing are the top priorities for Brits when it comes to making a positive difference with their Cash ISAs and savings accounts.
However, 53 per cent of those surveyed by the Good With Money ‘Good Egg’ firm said they don’t know how their bank or building society uses their money and 65 per cent think the financial system is too complicated.
A lack of understanding of how to change saving products – 33 per cent find the process too difficult – is a further barrier to changing providers, while 38 per cent don’t understand the available products.
Half would move providers for positive impact
More than half (52 per cent) of savers said they would move providers if they could see the positive impact of how their bank or building society invests their money. Savers are seeking transparency and control, with 64 per cent wanting to influence how and where their money is used.
The findings come after research by The Co-op last year found that ethical consumer spending and finance in the UK continues to rise, and had broken the £100 billion mark in 2020 (hitting £122 billion) for the first time.
The majority (64 per cent) of those surveyed by Ecology Building Society said they want to influence how and where their money is used. When asked about what sorts of projects or organisations they would like to support with their money, tackling the climate crisis (34 per cent) and supporting affordable housing (27 per cent) were the top priorities.
Savers want returns AND transparency
Gareth Griffiths, Chief Executive of Ecology Building Society, said: “This research demonstrates that there is a real demand from consumers to know how their money is being used. In a time of multiple pressures, people want to ensure strong returns but with a transparent process that they can support consciously.
“Finance has a key role to play in supporting environmental development, increasing affordable housing and providing opportunities to transform the UK’s housing stock for a more sustainable future. Ecology is powered by its members, who help drive and deliver on our mission to provide a fair and transparent financial system.
“Our members can be confident that their savings are being used to make a positive impact, home by home. Finance has a key role to play in supporting environmental development, increasing affordable housing and providing opportunities to transform the UK’s housing stock for a more sustainable future.
“We are committed to acting under a values based banking system and advocating for transparency for consumers to make the most informed decisions on who they choose to bank with.”
Ecology Building Society advocates for a simple, transparent savings system which allows control over where money is used to help people, planet and local communities. It uses savings to make a positive environmental impact through lending to build ecological homes, community-led affordable housing and sustainable communities.
Biggest risers among ethical savings accounts