Ecology Building Society’s nationwide consumer research reveals that 74% of people would like their savings to be used to have a positive impact on the environment and society.
52% of those surveyed would move providers if they could see the positive impact of how their bank or building society invests their savings.
The research from the ethical savings and mortgage provider also found that 53% of those surveyed don’t know how their bank or building society uses their money and 65% think the financial system is too complicated.
Additionally, a lack of understanding of how to change saving products – 33% find the process too complicated – is a barrier to changing providers, while 38% don’t understand the available products.
This research demonstrates that there is a real demand from consumers to know how their money is being used.
64% of those surveyed said they want to influence how and where their money is used. When asked about what sorts of projects or organisations consumers would like to support with their money tackling the climate crisis (34%) and supporting affordable housing (27%) were the top priorities.
Commenting on the survey, 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. ISA season offers a timely opportunity to reflect on consumer demand and if it is being met by the industry.
“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.”
