15th April 2016
Three quarters of UK adults believe banks should be more transparent about what they do with their customers’ money, according to research from Triodos, the ethical and sustainable challenger bank.
Triodos says the results show an increased awareness of ethical savings and investments at a time when the financial sector is under increased scrutiny. The survey says
The bank says just three per cent said they don’t think it’s necessary for banks to disclose this information.
Consumers are becoming increasingly concerned about how their savings and investments can affect the climate, and most (55 per cent) believe financial institutions do not provide them with enough information on the issue.
The same proportion (55 per cent) said that the environmental events that dominated news headlines in 2015 – including the Volkswagen emissions scandal, flooding in England and the Paris Climate Summit – have shown that more needs to be done to mitigate effects of climate change.
Nearly half of consumers (45 per cent) claim they would move their money away from their current bank or financial institution if they found the funds were being invested in companies that conflicted with their personal interests.
Huw Davies, head of retail banking at Triodos, said: “The desire to know how funds are being used symbolises a shift in consumer awareness that investments can impact society for better or worse. Banks must respond to this increased awareness by becoming more transparent, enabling their customers to make informed decisions about their finances. Customers have the right to know more about how banks use the money they entrust with them.”