2023
9
UK Sustainability in Financial Services Market Report 2023
2024-01-15T12:02:23+00:00
REP8A61BEA5_2F66_4AC2_9132_0B112A2FC4DB
2195
169612
[{"name":"Financial Services","url":"https:\/\/store.mintel.com\/industries\/finance\/financial-services"},{"name":"Sustainability","url":"https:\/\/store.mintel.com\/industries\/consumers-trends\/sustainability"}]
Report
en_GB
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…

UK Sustainability in Financial Services Market Report 2023

£ 2,195 (Excl.Tax)

Description

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.

Key Issues Covered in this Report

  • Consumers’ leading environmental concerns.
  • Perceptions of sustainability in financial services and other organisations.
  • Where consumers receive information on the environmental impact of financial services.
  • Consumers’ interest in receiving sustainability advice from financial services providers.
  • Trust in financial services providers’ environmental claims.
  • Attitudes towards sustainability and the rising cost of living.

Sustainability in Financial Services in 2023

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.

Sustainability in Financial Services – What do consumers want?

Providers need to build trust

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.

Keep costs low

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.

Expert Analysis from a Financial Services Specialist

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

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

    • Opportunities for the financial services industry
    • Market dynamics
    • Graph 1: consumers perception of how environmentally friendly they are, 2023
    • Graph 2: barriers preventing sustainable behaviour, 2023
    • What consumers want and why
    • Graph 3: types of environmental issues consumers are most concerned about, 2023
    • Graph 4: consumer perceptions about the impact organisations have on the environment, 2023
    • Graph 5: where consumers have seen/heard information about the environmental impact of financial services in the last 12 months, 2023
    • Graph 6: consumers' interest in financial services providers helping them reduce their environmental impact, 2023
    • Graph 7: initiatives consumers would be most interested in from a financial services provider to help them reduce their environmental impact, 2023
    • Graph 8: consumers' attitudes towards sustainability, 2023
  2. Market Dynamics

    • Market background
    • Graph 9: consumers' perception of how environmentally friendly they are, 2023
    • Graph 10: barriers preventing sustainable behaviour, 2023
    • Macro-economic factors
    • Graph 11: CPI inflation rate, 2021-23
    • Graph 12: the financial wellbeing index, 2016-23
    • Social, environmental and legal factors
  3. What Consumers Want and Why

    • Environmental concerns
    • Graph 13: types of environmental issues consumers are most concerned about, 2023
    • Graph 14: types of environmental issues consumers are most concerned about, by generation 2023
    • Graph 15: types of environmental issues consumers are most concerned about, by area, 2023
    • Perceptions of sustainability
    • Graph 16: consumer perceptions about the impact organisations have on the environment, 2023
    • Graph 17: consumers perceptions of digital banks environmental impact, by generation 2023
    • Graph 18: consumers perceptions of digital banks' environmental impact, by generation 2023
    • Graph 19: perceptions of high street banks' environmental impact, by generation 2023
    • Graph 20: perceptions of cryptocurrencies' environmental impact, by generation, 2023
    • Information sources
    • Graph 21: where consumers have seen/heard information about the environmental impact of financial services in the last 12 months, 2023
    • Graph 22: where consumers have seen/heard information about the environmental impact of financial services in the last 12 months, by generation, 2023
    • Interest in receiving support to reduce environmental impact
    • Graph 23: consumers' interest in financial services providers helping them reduce their environmental impact, 2023
    • Graph 24: trust in financial services providers to take accountability for their environmental impact, by interested in receiving help, 2023
    • Graph 25: initiatives consumers would be most interested in from a financial services provider to help them reduce their environmental impact, 2023
    • Attitudes towards sustainability
    • Graph 26: consumer attitudes towards sustainability, 2023
    • Graph 27: Consumers who say the rising cost of living means they can't afford to pay more to be sustainable, by financial situation, 2023
    • Graph 28: considerations of sustainability when shopping across selected categories, 2023
  4. Brand and Company Trends

    • Competitive strategies and launch activity
  5. Appendix

    • Report scope and definitions
    • Methodology

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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