Table of Contents
Introduction
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- Abbreviations
Executive Summary
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- Interest in green and ethical issues
- The issues that matter are local, not global
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- Figure 1: Social, ethical and environmental concerns, September 2011
- The disconnect between ethics and finance
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- Figure 2: Green and ethical activities, September 2011
- Willingness to consider ethical issues in financial services
- Three quarters haven’t investigated a financial services firm’s ethical credentials
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- Figure 3: Whether respondents have investigated financial firms' ethical credentials, September 2011
- A third would at least consider a firm’s ethical credentials when arranging financial services products
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- Figure 4: Willingness to consider financial firms' ethical credentials, September 2011
- Trusted brands
- ‘Greenwash’ is a real fear for consumers
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- Figure 5: Agreement with the statement ‘When financial services firms talk about being green or ethical, it’s usually just a PR stunt’, September 2011
- Co-operative and Nationwide lead the way
- People who take a keen interest in ethical finance have a different viewpoint
- Attitudes towards ethical finance
- A quarter say they’d be prepared to pay more for products from ethical firms
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- Figure 6: Agreement with the statement ‘I'm willing to pay a little extra for a product from a company that I know behaves ethically’, September 2011
- Three in ten express an active interest in ethical financial services
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- Figure 7: Ethical target groups in financial services, September 2011
- What we think
Issues in the Market
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- Does apathy override good intentions?
- Who do the committed consumers trust?
- How do financial services firms override the mistrust?
- Do financial services brands have any credibility in their ethical claims?
- What makes financial services so different?
- Can banks position themselves as ‘ethical concierges’?
Future Opportunities
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- The luxury of being able to care
- The moral bank: start small
Do People Trust Financial Services Firms to Behave Ethically?
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- Key points
- The cynical consumer
- Banks must contend with the suspicion of ‘greenwash’...
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- Figure 8: Agreement with the statement ‘When financial services firms talk about being green or ethical, it’s usually just a PR stunt’, September 2011
- ...and with the legacy of past behaviour
- There are some bright spots
Consumers’ Level of Ethical Engagement
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- Key points
- How big is the Big Society?
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- Figure 9: Green and ethical activities, September 2011
- How green is green?
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- Figure 10: Repertoire of green and ethical activities, September 2011
- Even the hardcore haven’t switched their bank accounts
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- Figure 11: Green and ethical activities, by repertoire of green and ethical activities, September 2011
- Is it easier to be green when you’ve got cash in the bank?
- Donating cash can be cheaper than donating time
The Issues that Consumers Care About
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- Key points
- Shifting from the global to the local…
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- Figure 12: Social, ethical and environmental concerns, September 2011
- …and the impact of the financial crisis
- Setting an example for the rest of the industry to follow
- A broad base of ethical concerns
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- Figure 13: Repertoire of social, ethical and environmental concerns, September 2011
- Concerned – and taking action to address those concerns
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- Figure 14: Green and ethical activities, by repertoire of social, ethical and environmental concerns, September 2011
- The contrasting fortunes of climate-related issues
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- Figure 15: Social, ethical and environmental concerns, by repertoire of social, ethical and environmental concerns, September 2011
- It’s free to care – but it costs money to act on concerns
Investigating Firms’ Ethical Credentials
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- Key points
- Financial services – an ethics-free zone?
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- Figure 16: Whether respondents have investigated financial firms' ethical credentials, September 2011
- Worried, but not worried enough to read a company’s website
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- Figure 17: Whether respondents have investigated financial firms' ethical credentials, by repertoire of social, ethical and environmental concerns, September 2011
- The financial blind spot among ethical consumers
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- Figure 18: Whether respondents have investigated financial firms' ethical credentials, by repertoire of green and ethical activities, September 2011
- What makes financial services so different?
- The affluent are more prepared to dig deeper
- Youthful idealism combines with burgeoning financial requirements
Trusted Brands in the Financial Services Industry
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- Key points
- Are they all the same?
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- Figure 19: Trusted brands in the financial services industry, September 2011
- A tale of three mutuals
- The Co-op leads the way on unpromoted awareness...
- …but it’s not just the Co-op
- Banks more trusted than insurers to behave ethically
- ‘Banks’, or ‘my bank’?
- Does the Co-op need to freshen up its image among the young?
- Opinions dramatically different among the most concerned
- People are pleasantly surprised when they take the effort to find out more...
- ...making communication absolutely vital
Willingness to Consider Ethical Issues when Arranging Financial Services
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- Key points
- A third would at least consider ethical issues
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- Figure 20: Willingness to consider financial firms' ethical credentials, September 2011
- Will good intentions translate into action?
- A financial services firm’s ethical credentials are a non-issue for many
- More evidence of a polarisation among consumers
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- Figure 21: Willingness to consider financial firms' ethical credentials, by repertoire of social, ethical and environmental concerns, September 2011
- An important differentiator – but only for a minority of the population
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- Figure 22: Willingness to consider financial firms' ethical credentials, by repertoire of green and ethical activities, September 2011
- Using ethics to attract the 25-34-year-olds
- Who stands to benefit from the ethical advocates?
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- Figure 23: Trusted brands in the financial services industry, by willingness to consider financial firms' ethical credentials, September 2011
Should Financial Firms Consider Ethical Issues?
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- Key points
- Think local, not global
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- Figure 24: Attitudes towards business and ethics, September 2011
- A degree of sympathy for the amoral corporation…
- …with some looking for government to force the issue…
- …while others don’t trust companies to act on their own accord
- Broad agreement on localism – but opinions are split on broader social responsibilities
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- Figure 25: Attitudes towards business and ethics, by repertoire of green and ethical activities, September 2011
- Further reason to publicise community work
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- Figure 26: Attitudes towards business and ethics, by whether respondents have investigated financial firms' ethical credentials, September 2011
- An expectation that companies should be doing more
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- Figure 27: Attitudes towards business and ethics, by willingness to consider financial firms' ethical credentials, September 2011
Is an Ethical Brand Worth Paying More For?
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- Key points
- Cynicism runs deep among consumers...
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- Figure 28: Attitudes towards business and ethics, September 2011
- ...but some are prepared to pay a little extra
- Do tough economic times make ethics a luxury?
- Even the eco-warriors are wary of compromising performance
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- Figure 29: Attitudes towards business and ethics, by repertoire of green and ethical activities, September 2011
- The paradox of the ethical researcher
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- Figure 30: Attitudes towards business and ethics, by whether respondents have investigated financial firms' ethical credentials, September 2011
- But some are still prepared to pay a premium for a clear conscience
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- Figure 31: Attitudes towards business and ethics, by willingness to consider financial firms' ethical credentials, September 2011
Targeting the Ethical Consumer
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- Key points
- Three in ten express an active interest in ethical financial services…
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- Figure 32: Ethical target groups in financial services, September 2011
- …but even the Idealists don’t necessarily trust financial services firms
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- Figure 33: Attitudes towards business and ethics, by target groups, September 2011
- Local engagement could still sway the Cynics
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- Figure 34: Social, ethical and environmental concerns, by target groups, September 2011
- The disconnect between day-to-day life…
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- Figure 35: Green and ethical activities, by target groups, September 2011
- …and the world of financial services
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- Figure 36: Whether respondents have investigated financial firms' ethical credentials, by target groups, September 2011
- The Idealists would consider ethical credentials…
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- Figure 37: Willingness to consider financial firms' ethical credentials, by target groups, September 2011
- …if only they could trust the providers’ brand
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- Figure 38: Trusted brands in the financial services industry, by target groups, September 2011
Appendix – Consumers’ Level of Ethical Engagement
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- Figure 39: Repertoire of green and ethical activities, by demographics, September 2011
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Appendix – The Issues that Consumers Care About
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- Figure 40: Repertoire of social, ethical and environmental concerns, by demographics, September 2011
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- Figure 41: Repertoire of social, ethical and environmental concerns, by demographics, September 2011
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Appendix – Investigating Firms’ Ethical Credentials
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- Figure 42: Whether respondents have investigated financial firms' ethical credentials, by demographics, September 2011
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Appendix – Trusted Brands in the Financial Services Industry
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- Figure 43: Average of most popular trusted brands in the financial services industry, by demographics, September 2011
- Figure 44: Average of next most popular trusted brands in the financial services industry, by demographics, September 2011
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- Figure 45: Average of other trusted brands in the financial services industry, by demographics, September 2011
- Figure 46: Trusted brands in the financial services industry, by repertoire of social, ethical and environmental concerns, September 2011
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- Figure 47: Trusted brands in the financial services industry, by repertoire of green and ethical activities, September 2011
- Figure 48: Trusted brands in the financial services industry, by whether respondents have investigated financial firms' ethical credentials, September 2011
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Appendix – Willingness to Consider Ethical Issues When Arranging Financial Products
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- Figure 49: Willingness to consider financial firms' ethical credentials, by demographics, September 2011
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Appendix – Should Financial Firms Consider Ethical Issues
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- Figure 50: Agreement with the statement ‘Companies should concentrate on local issues before they start worrying about things like global warming or third world debt’, by demographics, September 2011
- Figure 51: Agreement with the statement ‘A company’s job is to make money, not to save the world’, by demographics, September 2011
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Appendix – Is an Ethical Brand Worth Paying More For?
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- Figure 52: Agreement with the statement ‘When financial services firms talk about being green or ethical, it’s usually just a PR stunt’, by demographics, September 2011
- Figure 53: Agreement with the statement ‘When I’m arranging a financial services product, all I really care about is how well it performs’, by demographics, September 2011
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- Figure 54: Agreement with the statement ‘I'm willing to pay a little extra for a product from a company that I know behaves ethically’, by demographics, September 2011
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Appendix – Targeting the Ethical Consumer
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- Figure 55: Target groups, by demographics, September 2011
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