Financial services can change the world
We asked 3,500 consumers their thoughts on sustainability
To meet both consumer expectations and accelerate the transition to a more sustainable world, the financial services industry needs to act now.
Most people expect sustainable financial services to become the norm (93%) – and almost half expect this to be the case by 2025.
2025 is seen as the key milestone date which sustainable finance will become mainstream.
Finance is the biggest lever many consumers have to live sustainably – but few consumers understand the opportunity and those that do find the financial services industry offers few options.
Our research explores what consumers really want when it comes to sustainable finance: what issues inspire them? What barriers are stopping them from making more sustainable finance choices? And it helps financial services firms understand how to accelerate the transition to more sustainable saving, investment and spending.
A green pension is 21 times more effective than giving up flying, becoming vegetarian and switching energy provider combined.
Source: Make My Money Matter
Yet, only 12% think using sustainable finance products is the best way to positively impact sustainability.
Source: PA Consulting
Three ways to harness the opportunity now
Trust has long been an area of improvement for financial services, and we see a need for firms to go beyond regulatory requirements to make sustainability 'business as usual' and re-build their credibility in the eyes of their customers.
People want to make confident, informed financial choices that support sustainability. And financial services firms have an undeniable role to support that desire.
Consumers are looking for opportunities to save, invest and borrow with sustainability as a priority. While some institutions are taking steps in the right direction, so far it's not enough to meet this growing demand. We see plenty of room to develop.