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Brits adopting ethical banking

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19/03/2008

Research from Mintel shows that millions of Brits are taking an ethical approach to their day-to-day banking.

In fact, 16% of Brits took a company’s environmental and ethical credentials into account when they were choosing where to bank. But the green financial movement doesn’t stop there, as no less than 31% of adults – or some 15.2 million of us – will consider a bank’s commitment to ethical causes, when next taking out a mortgage or opening a new account.

Todd Davis, senior finance analyst at Mintel, said: “Environmental and ethical issues are really starting to take hold of the banking world, with millions of people now seriously considering these causes before making financial decisions.

“Although this is not a new development, the last couple of years have undoubtedly seen this trend gather momentum, and financial organisations will now be able to gain real competitive advantage by taking a genuinely ethical approach to banking.”

But it is not all plain sailing for these financial instructions. There is still a lot of cynicism amongst the British population when it comes to the banking industries’ green credentials, as two thirds of Brits think that it is just a PR stunt when banks talk about just how ethical they are.

Davies added: “Financial institutions are clearly not sending out a convincing message.  They will need to rethink some of their strategies if they are to make the most of their decision to commit to a pro-environmental business stance.”
 

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