etika, the purpose-driven, people-first finance provider of fair and ethical finance, has today released the results of a new consumer insights survey* exploring the attitudes of young people in the UK towards the environmental and social impact of financial products.
The survey shows a profound shift in generational attitudes when it comes to what is expected from financial institutions. With only 29% of young people trusting financial institutions to act ethically and 80% of young people looking for ethical endorsements when making purchasing decisions, the survey results serve as a stark warning to financial institutions that are not prioritising ethical programmes and practices.
Against the backdrop of a difficult economic climate, and with fintech funding falling by a third globally to $63 billion in 2022, these survey results demonstrate that financial companies need to be aware of and be able to respond to changing user demographics and attitudes towards environmental and social issues if they are to be successful.
Robert Schuijff, CEO of etika, said, “These survey results serve as a much-needed wake-up call to other financial institutions and finance providers to lead by example and create a more openly ethical financial industry.
“Companies which only pay lip service to ESG and ignore the growing demands from their customers for socially responsible and ethical ways of doing business will suffer loss of customers, revenues and reputations. At etika, we have always led by example.
“The name ‘etika’ means ‘ethical’ in several languages and that’s exactly what we want to bring to finance – a responsible and fair approach to lending money. Ultimately, we want to make a positive impact in the world of finance, enable financial inclusion and become a tool for financial wellbeing.”
“We are committed to putting consumer needs and priorities at the heart of our business and have the ability to serve distinct segments and varied demographics.
“We take these survey results as an indication that we are on the right track with our vision and mission, and will continue to only build partnerships with like-minded businesses which are aligned with our ethical values. We’re also proud to say that we are on our way to becoming a B-Corp in Australia, a clear and widely-recognised endorsement for our people and planet focused-approach to business.”