31.12.21
A wake-up call
“…the trillions of capital that’s out there – at the end of the day that’s our money, not the fund managers’ or the chief executive of the banks… I want something different. I want my money to act in a way that’s aligned with my values and the things I want for future generations.” — Louise Wilson, co-founder of Abundance Investment.
It is ever more apparent that financial institutions have a vital role to play in helping the world reach net zero but adapting market structures and accelerating funding for green innovation is a major challenge.
Shareholders and the wider public can help to keep the pressure on firms that are yet to fully commit to the green economy.
But are they prepared to do so?
A survey by PA Consulting of 3,500 consumers found that 93% expect sustainable finance to be the norm in future.
It confirmed that sustainability is a priority for consumers, 86 % of respondents said they care about sustainability. 46% try to live sustainably in either all or most of their life.
Of the remainder:
17% live sustainably if it’s convenient to do so.
21% want to live more sustainability but don’t know how.
9% try to live sustainably but are yet to reach a tipping point.
8% say it’s not yet important
The survey recommends that financial services’ businesses:
• BUILD CREDIBILITY sustainability needs to become ‘business as usual’ for financial services firms
• EDUCATE people want to make confident, informed financial choices that support sustainability
• INNOVATE consumers are looking for opportunities to save, invest and borrow with sustainability as a priority
An overwhelming majority of people expect sustainable financial services to become the norm (93%) – and almost half expect it to be within a few years. But right now, many think there’s not much choice or are unaware of what’s available and the difference they can make, and many are skeptical about the sector’s credibility.
Survey conclusion: A wake-up call:
The survey shows consumers increasingly care about sustainability, and this will affect what they buy and who from. Financial services providers need to be ready for this and start innovating their propositions now. What’s more, it is what consumers need.
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