More than half of people have said they would open a savings account with a bank which demonstrated values
Social investment is on the rise, with people spending more ethically than ever before.
New research from the Charity Bank has revealed that almost two thirds (64%) of consumers buy from ethical businesses.
And more than half (57%) of those questioned for the study said they would consider opening an account with a bank that demonstrated its ethical values and paid a competitive interest rate.
Justin Hort, head of savings at Charity Bank, said: “It is encouraging to see that people are increasingly making conscious ethical purchasing and investment decisions, choosing to spend and invest in line with their values.
“When it comes to banks, the findings tell us that people would like their savings to be used ethically and would like greater transparency on how their money is invested.”
The research has been welcomed by Social Enterprise Scotland, who have said that the way people use their money is the most powerful method of improving the world.
"The rise of ethical consumerism is a good news story that often goes unreported,” said policy and communications manager Duncan Thorp.
“Young people in particular are now questioning the ethical values of business and choosing to spend their money on social enterprise goods and services. There are many different options to save and borrow money too, from local credit unions to building societies and ethical banks and pensions.”
