A report from communications consultancy MRM found that young people in the UK believe financial services firms have an important role to play in driving progressive societal change.
The Young Money Report has found that 18-30-year-olds want financial services providers to take social issues seriously, but they must do so “authentically”.
On issues such as climate change, social equality or personal freedoms, most young people feel that financial services firms have a crucial role to play. More than half (55%) of those surveyed said they want financial services providers involved in those issues, and only 18% said they’d rather they weren’t.
A further 27% said campaigning for social justice and climate issues is important, but it depends on the company that is doing it and not just what is being said, but also who is saying it and why.
When asked if they believe social justice efforts made by their current financial services providers are driving real change in society, more than a third (35%) agreed they are.
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However, another third (32%) suggested that it depends on the company. By contrast, almost one-fifth (19%) remain entirely sceptical of financial services companies’ efforts and the impact these can have.
Chris Tuite, director and head of consumer finance at MRM, said: “Our findings show that, for young people in the UK, social justice is important. It seems likely that it does influence where they bank, invest, and spend. They are informed, educated and engaged on the issues that matter to them, and so any and all efforts made by financial services firms to be a force for good in society need to be relevant and authentic.
“Greenwashing? Performative diversity? Young people are not buying it. The issues these financial services firms own… need to be part of a broader pattern of behaviour that runs through all aspects of the business. Clearly, young people see their money aligned closely with their values, and that is increasingly likely to drive their money decisions. Financial services firms need to take heed and respond or they risk reputational damage for inaction or lacking authenticity.”
