- New research from Triodos Bank UK confirms 65% of parents want their savings to help protect the planet for their children
- 60% of women would switch ISA provider if their money was having a negative impact on people and the planet
- Despite the potential power of sustainable finance, only 9% of savers prioritise it vs. 67% reducing plastic use
Parents, women and younger savers are leading a movement towards making conscious ethical choices about where to save their money, according to new research from Triodos Bank UK. The research finds that younger parents are particularly interested in moving their savings to a bank that uses their money to help protect the planet and build stronger communities.
Two-thirds (65%) of parents with children under 18 say that it is important that their children’s savings help to protect the future of the planet. More than two-thirds (69%) of younger parents – aged 18-34 – would like to be sure that any savings for their children are directed towards an organisation that shares their values. However, more than a tenth of parents (14%) are not yet saving for their children.
Following last year’s heightened environmental awareness driven by Blue Planet II, three-fifths (61%) of parents say they have discussed the importance of protecting the environment with their children, rising to 66% among mothers.
The study finds that women and young savers are also driving the demand for savings accounts and investments that are making a positive environmental and social impact. Four-fifths (60%) of women would switch bank if they found that their money was having a negative impact on the environment or society (vs. 51% of men), while 78% demand more transparency from their bank in where their money is lent (vs. 68% of men).
Bevis Watts, managing director at Triodos Bank UK, said: “As we mark the 20 year anniversary of ISAs, savers are wising up to the positive power they can unlock through their own money. A new generation is opting for ‘ISAs with impact’ – saving for their or their children’s future, and at the same time the future of our planet. Money doesn’t have to be invested in the arms trade, fossil fuels and tobacco – it can be used to do good things that help build the society we want to live in. It is now possible to save or invest into an ISA that works hard for you and at the same time helps finance inspiring organisations.”
The research also finds that, despite its huge potential power in driving positive change, ethical finance is low down in many consumers’ list of priorities. Although the ethical finance market is now worth £19billion*, only 9% of UK savers consider it a priority – in sharp contrast to the 67% of savers who prioritise reducing plastics use and increasing recycling.
ISA attitudes at a glance:
Savers who would switch banks if they found their money was being lent or invested in areas that negatively affect people or the environment
Savers who want to know where their bank lends their money
Savers who have no idea where their bank lends or invests their money
Savers interested in shopping around for new ISA options but haven’t got round to it
Savers who find the ISA options confusing and are not sure what is right for them
Ahead of the tax year-end, when savers are able to utilise the £20,000 ISA allowance, a third (33%) are interested in shopping around for new ISA options but haven’t yet got round to it.
Triodos Bank offers a range of ethical ISAs, including variable and fixed rate cash ISAs, a junior cash ISA and a stocks and shares ISA. Triodos only lends to organisations that are positively affecting the environment and society. This includes renewable energy, social housing, organic food and farming, Fairtrade organisations, and a variety of charities and social enterprises.
As with all ISAs, the tax benefits of an ISA depend on your circumstances, and tax rules may change. For Stocks & Shares ISAs, your capital is at risk and the value of your investment may go down as well as up and you may not get back the full amount you invested. Currency fluctuations may also affect the value of your Triodos Stocks & Shares ISA.
Case studies including high resolution images of Triodos ISA customers and Triodos businesses/projects funded by funds entrusted by ISA csutomers are available upon request.
Triodos Bank is open and transparent publishing details of every organisation it lends to on its website so savers know exactly where their money is going. Visit: knowwhereyourmoneygoes.co.uk
NOTES TO EDITORS
Research conducted by Opinium Research on behalf of Triodos Bank, 5th to 8th February 2019, among 2,002 nationally representative UK adults (aged 18+). Of those 1555 have some sort of saving product.
For further information please contact:
Ellie James, PR & Communications OfficerT: 0117 311 0241
Ed Grattan, PR & Communications Manager T: 0117 311 0229
About Triodos ISAs:
About Triodos Bank:
Triodos Bank is a global pioneer in sustainable banking using the power of finance to invest in projects that are good for people and the planet. Triodos uses its €15.1 billion in assets to create social, environmental and cultural value in a transparent and sustainable way.
With UK operations based in Bristol, Triodos Bank has branches in the Netherlands, Belgium, Spain, Germany and an agency in France. Globally, Triodos Bank has microfinance projects in Central Asia and Eastern Europe, and is a founding member of the Global Alliance for Banking on Values (GABV), a worldwide network of 54 banks seeking to transform finance into a vehicle of positive influence.
Triodos Bank NV (incorporated under the laws of the Netherlands with limited liability, registered in England and Wales BR3012). Authorised by the Dutch Central Bank and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. Firm reference number 183366.