Over two thirds (67%) of consumers want their bank or financial institution to become more sustainable in future, according to a new report from cloud banking platform Mambu. The Is the grass greener on the sustainable side? report surveyed over 6,000 consumers on their attitudes to green finance globally. It reveals that, while the majority are in favour of greener financial options, consumers have little trust in the industry’s sustainability credentials.
Nearly half (48%) stated that access to green financial services has become more important to them in the last five years, yet more than two thirds (67%) of global consumers believe that their current financial institution is guilty of greenwashing. However, just two in five (42%) consumers think that their current bank or financial institution clearly communicates its sustainability commitments, and only 37% know what climate pledges they have publicly announced or committed to.
There’s also confusion around exactly what ‘green finance’ is, as over a third (35%) of consumers don’t fully understand the difference between green finance (a product that has been designed to protect the environment or to manage the impacts of finance and investments on the environment) and ethical finance (finance which takes into account not only financial returns but also environmental, social and governance factors) indicating a need for greater education and communication within the industry.
