Almost nine in ten UK consumers say they are leading environmentally friendly lifestyles, but Mintel’s market research shows that consumers struggle to adopt sustainability in financial services.
Almost nine in ten UK consumers say they are leading environmentally friendly lifestyles, but Mintel’s market research shows that consumers struggle to adopt sustainability in financial services. Mintel’s UK Sustainability in Financial Services Market Report 2023 analyses market dynamics, consumer insights, and industry trends to provide an overview of sustainability in the UK financial services industry.
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Just over one-fifth of consumers consider sustainability a high priority when making purchasing decisions within financial services. This stems from a lack of communication from providers, which has led to consumers finding it difficult to know who and what is sustainable within the industry. Over three quarters of consumers say they struggle to know whether one financial services provider is more sustainable than another.
Financial services providers aren’t necessarily viewed negatively by consumers from a sustainability standpoint, but there’s still a noticeable lack of trust amongst consumers. In particular, consumers are demanding greater transparency from providers when it comes to their environmental impact.
In the current economic environment consumers are having to put themselves first. Budgets are constrained and they are trying to rebuild their emergency savings. So, it’s crucial that sustainability initiatives do not impose additional costs. Financial incentives, such as cashback on sustainable purchases, will play a pivotal role in enabling consumers to save money while embracing sustainability.
Purchase Mintel’s full report for an overview of Sustainability in UK Financial Services, including consumer and industry trends.
This report, written by Charlie Landsborough, a leading financial services analyst, delivers in-depth commentary and analysis to highlight current sustainability trends in financial services.
Financial services brands must foster trust and improve transparency if they are to encourage consumers to make more sustainable financial decisions.
Charlie Landsborough
Financial Services Analyst
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