Ethical decisions are increasingly dictating people’s financial decisions, new research reveals.
Research by analysts Mintel reveals 16 per cent of Britons now look at a firm’s ethical and environmental credentials when choosing a bank and 31 per cent claim they would look at the green side of the equation when choosing a mortgage.
However, the British public is sceptical about some firm’s green claims – with 66 per cent thinking such claims are just a PR stunt.
But it is not how green a bank is that sways people, but its ethics.
Just 24 per cent of people think carbon neutrality is important, while over double (56 per cent) think a firm not investing in companies using child labour was more important, 44 per cent were against the arms trade and 39 per cent did not want to invest in animal testing.
Zack Hocking, head of investments at Co-operative Insurance, said: “While ethical investment still represents a small amount of the overall market, evidence strongly suggests that growth is set to continue.
“We expect to see significant interest from customers wanting to invest their ISA allowance ethically as the deadline approaches.”
Co-operative Insurance research shows 85 per cent of people planning to invest into an ISA before April’s deadline will consider using an ethical scheme for their allowance, up significantly from 67 per cent when the same research was carried out last year.
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