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Green, Ethical and Socially Responsible Finance - UK - November 2015

“The level of influence that ethical considerations have over consumer selection of financial services products and services is minimal, however, this is beginning to change. Younger consumers are more willing to pay extra for products provided by socially responsible companies. Incumbent providers need to pay attention to this gradual shift or risk being outcompeted by new entrants providing alternative, more ethical options to traditional products and services.”
– Jessica Morley, Financial Services Analyst

This report looks at the following areas:

  • Creating a more inclusive economy
  • Payments innovation helps fundraising go digital

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Table of contents

  1. Overview

    • What you need to know
      • Report definition
      • Executive Summary

          • The market
            • Ethical financial services providers: A question of culture
              • Investment power
                • Consumers need convincing
                  • The transformative potential of innovation
                    • Consumers can demand change
                      • The consumer
                        • For financial products, performance is more important than principle
                          • Figure 1: Consumer attitudes towards green and ethical financial products, August 2015
                        • Competition from technology companies
                          • Financial services firms perceived to be some of the least socially responsible
                            • Figure 2: Consumer trust in the behaviour of banks and building societies, August 2015
                          • Repaying the social debt
                            • Figure 3: Consumer attitudes financial services’ firms role in society, August 2015
                          • Consumer trust is built on evidence
                            • Figure 4: Consumer attitudes towards alternative forms of finance and alternative providers, August 2015
                          • What we think
                          • Issues and Insights

                            • Creating a more inclusive economy
                              • The facts
                                • The implications
                                  • Payments innovation helps fundraising go digital
                                    • The facts
                                      • The implications
                                        • The social debt of the financial crisis
                                          • The facts
                                            • The implications
                                            • The Market – What You Need to Know

                                              • Ethical financial services providers: A question of culture
                                                • Investment power
                                                  • Consumers need convincing
                                                    • The transformative potential of innovation
                                                      • Consumers can demand change
                                                      • Putting Financial Services in an Ethical Context

                                                        • An ethical economy
                                                          • An ethical financial sector
                                                            • Ethical financial services providers
                                                            • Green, Ethical and Socially Responsible Issues in Financial Services

                                                              • The role of investing
                                                                • Divestment
                                                                  • The change potential of pensions
                                                                    • The role of trust
                                                                      • Greater transparency informs decisions
                                                                        • Learning from past mistakes
                                                                          • The role of innovation
                                                                            • Payments innovation: Improving financial inclusion
                                                                              • Competition from new entrants
                                                                                • The power of new money
                                                                                  • The role of the consumer
                                                                                    • Consumers empowered to make a change
                                                                                      • Aligning products with self
                                                                                      • The Consumer – What You Need to Know

                                                                                        • For financial products, performance is more important than ethics
                                                                                          • Financial services firms perceived to be some of the least socially responsible
                                                                                            • Competition from technology companies
                                                                                              • Repaying the social debt
                                                                                                • Consumer trust is built on evidence
                                                                                                  • Overall trust levels are high
                                                                                                  • The Ethical Consumer – Socially Responsible Activities

                                                                                                    • Payments innovation can boost charitable donations
                                                                                                        • Figure 5: Consumers’ green and ethical activities, August 2015
                                                                                                      • Consumer engagement in socially responsible activities is high
                                                                                                          • Figure 6: Number of socially responsible activities engaged in by consumers, August 2015
                                                                                                        • Healthier finances make it easier to go green
                                                                                                            • Figure 7: Proportion of consumers who partake in no green and ethical activities, by current financial situation, August 2015
                                                                                                        • Socially Responsible Companies

                                                                                                          • 37% unable to identify socially responsible companies
                                                                                                            • Figure 8: Types of companies perceived to be the most and least socially responsible by consumers, August 2015
                                                                                                          • Building societies seen to be more responsible than banks….
                                                                                                            • ….whilst short-term loan companies are at the bottom of the pile
                                                                                                            • Consumer Trust in the Behaviour of Financial Services Companies

                                                                                                              • Overall trust levels are high
                                                                                                                  • Figure 9: Consumer trust in the behaviour of banks and building societies, August 2015
                                                                                                                • Tax avoidance remains a major concern
                                                                                                                  • The divestment movement
                                                                                                                    • Nationwide significantly more trusted
                                                                                                                        • Figure 10: Agreement with statements about trust in main current account providers, by main current account provider, August 2015
                                                                                                                      • Trust levels remain high
                                                                                                                          • Figure 11: Trust in main current account provider to act in a socially responsible manner, by the proportion of consumers who believe that banks are one of the five least socially responsible types of companies, August 2015
                                                                                                                      • Consumer Attitudes towards Green and Ethical Financial Products

                                                                                                                        • For financial products, performance is more important than principle
                                                                                                                            • Figure 12: Consumer attitudes towards green and ethical financial products, August 2015
                                                                                                                          • Socially conscious consumers are more concerned
                                                                                                                              • Figure 13: Agreement with statements about green and ethical financial products, by number of socially responsible activities engaged in, August 2015
                                                                                                                          • Consumer Attitudes towards Transparency

                                                                                                                            • Strategy reports provide little insight for consumers
                                                                                                                                • Figure 14: Consumer attitudes towards transparency, August 2015
                                                                                                                              • Lack of clarity regarding corporate culture causes concern
                                                                                                                                  • Figure 15: Consumer attitudes towards corporate culture, August 2015
                                                                                                                                • Consumers want more information
                                                                                                                                • The Role of Financial Services Firms in Society

                                                                                                                                  • The social debt of the financial crisis
                                                                                                                                    • Figure 16: Consumer attitudes financial services’ firms role in society, August 2015
                                                                                                                                • The Social Responsibilities of Financial Services Firms

                                                                                                                                  • For consumers, financial services firms play larger economic role
                                                                                                                                    • Figure 17: Social issues relevant to financial services firms, as perceived by consumers, August 2015
                                                                                                                                  • Promoting financial responsibility
                                                                                                                                  • Challenger Companies and Social Responsibility

                                                                                                                                    • Consumer trust is built on evidence
                                                                                                                                      • Figure 18: Consumer attitudes towards alternative forms of finance and alternative providers, August 2015
                                                                                                                                    • The alternative opportunity
                                                                                                                                      • Figure 19: Agreement with statements about the influence of corporate social responsibility on consumer actions, by those that agree with both statements “alternative forms of finance are more socially responsible than traditional forms of finance” and “new entrants to financial services are more socially responsible than existing companies”
                                                                                                                                    • The target customer
                                                                                                                                      • Figure 20: Green and ethical finance – CHAID – Tree output, August 2015

                                                                                                                                  Companies Covered

                                                                                                                                  To learn more about the companies covered in this report please contact us.

                                                                                                                                  Green, Ethical and Socially Responsible Finance - UK - November 2015

                                                                                                                                  £2,195.00 (Excl.Tax)