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Millions of businesses claim to have social purpose

This news post is almost 6 years old

A study by an ethical bank has revealed the extent of businesses which aim to benefit society

Almost a quarter of businesses in the UK say they have a social purpose.

Research carried out by ethical finance firm Unity Trust Bank has revealed that millions of companies across the UK describe themselves as contributing to social good.

The study found that 22% of businesses have social or environmental objectives as their main motivation – meaning there are 1.2 million firms in the UK which are socially motivated.

This figure increases to 66% (3.6 million businesses) when companies that are either motivated by the desire to produce a positive outcome for stakeholders or to make a difference either socially, environmentally, or in terms of job creation are considered.

Margaret Willis, chief executive of Unity Trust Bank, said: “I am delighted to see so many businesses stating that they are focussed on producing positive outcomes for stakeholders or making a difference.

“As an ethical bank that works exclusively with organisations and businesses seeking a positive social impact, we look forward to supporting such organisation to help create a better society.”

The Profit with Purpose report analyses the differences between mainstream and socially conscious businesses, as well as identifying the size of the market for those with a social conscious, and providing evidence of the challenges they face.