Seven in 10 ‘want more transparency among savings providers about investments’

Seven in 10 people think banks and other savings providers should do more to show where their money is being invested, a survey has found.

Some 70% of people would like to see more transparency from providers generally to show where their money is going, Triodos Bank said.

Two-thirds (65%) did not know whether their money or savings currently go towards supporting fuels which may have an environmental impact, such as oil, gas or coal.

Half (50%) said they did not want their money to support fossil fuels, the survey of more than 2,000 people across the UK found.

Earlier this week, it was confirmed in the Budget that the annual Isa allowance for the new 2020/21 tax year starting on April 6 will remain frozen at £20,000 for adult savers – but for child savers the allowance will see a significant increase.

For the 2020-21 tax year, the annual subscription limit for Junior Isas and Child Trust Funds will be increased from £4,368 to £9,000.

The Bank of England’s interest rate cut on Wednesday from 0.75% to 0.25% also means many savers are likely to see their returns shrink further in the coming months.

Bevis Watts, chief executive of Triodos Bank, said: “The UK’s banks should be using the money saved or invested with them to protect the long-term interests of their customers in creating a sustainable future.”

Contrails
Many people said they would stop flying altogether to help the environment (Steve Parsons/PA)

He continued: “There is a strong demand for much greater transparency over where banks invest their money, enabling customers to make informed choices.”

Looking at personal changes people said they would like to make to help the environment, people in Bristol were the most likely to say they would use an ethical bank, with a third (34%) being inclined to do so.

People in Belfast were the most likely to say they would be inclined to switch to a renewable energy supplier, at 52%.

And more than eight in 10 (82%) in Plymouth said they would be inclined to avoid single-use plastic, making them the most likely in the survey to do so.

People in Plymouth were also the most likely to say they would avoid “fast fashion”, at 61%.

Meanwhile, Nottingham residents were the most likely to say they would consider switching to a vegan diet, at 14%.

Here are the personal changes people would be most inclined to take to help the environment, and the percentages who would take them, according to Triodos Bank: 

1.  Try to avoid single use plastic. (64%)

2.  Avoid “fast fashion”. (42%)

3.  Switch to a renewable energy supplier. (39%)

4. Avoid investing in fossil fuels. (34%)

5. Choose more “eco-friendly” transport such as trains, buses and bikes. (34%)

6.  Eat less meat. (33%)

7. Bank with a green and ethical bank. (26%)

8. Reduce number of flights. (23%)

9. Stop flying altogether. (13%)

10. Switch to a vegan diet. (7%)

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