Three-quarters ‘have no idea where bank invests their savings’

Three-quarters of savers say they have no idea where their bank lends or invests their money, a survey has found.

More than half (55%) say they would switch banks if they found their money was being lent or invested in areas that negatively affect people or the environment.

Nearly half (45%) say they find Isa options confusing and are not sure what is right for them.

The research, from Triodos Bank, found women were more likely to say they would switch if they found their money was having a negative impact on the environment or society, at 60%, versus 51% of men.

The sustainable bank also found that 78% of women said they would like to see more transparency from their bank about how their money is lent, as did 68% of men.

Three-fifths (61%) of parents say they have discussed the importance of protecting the environment with their children.

But despite the power of ethical finance, the research also suggests the subject is yet to work its way up many consumers’ priority lists.

Fewer than one in 10 (9%) of savers consider it a priority – in contrast to the two-thirds (67%) who prioritise reducing plastics use and increasing recycling.

More than 2,000 people were surveyed across the UK, of whom more than 1,500 had some type of savings product.

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