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UK Sustainability in Financial Services Market Report 2023

UK Sustainability in Financial Services Market Report 2023

Market Intelligence Reports Financial Services Sustainability UK

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.

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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

Collapse All

- Key issues covered in this Report
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
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
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
Brand and Company Trends
- Competitive strategies and launch activity
Appendix
- Report scope and definitions
- Methodology

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Bringing It All Together

Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.

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