Over half of UK adults review ethical credentials of savings accounts before committing money, finds Gatehouse Bank
Gatehouse Bank has revealed research that shows adults living in the United Kingdom continue to prioritise ethical savings options despite the cost-of-living crisis.*
Based on responses from adults living across the UK, the research revealed that over half (52%) of respondents would review the ethical credentials of a savings account before committing capital. Perhaps unsurprisingly, this was three times more likely amongst younger generations, where 76% of 18–24-year-olds stated they would review the ethical credentials of a savings account compared to just 24% of those aged 65+ who said the same.
Considering this, Gatehouse Bank’s Easy Access Cash ISA and Easy Access savings account have been designed to help young people looking to build healthy, but ethical, savings habits. Both the accounts can be opened with a minimum deposit of £1 and provide competitive rates of 2.90% for Easy Access Cash ISA and 3.00% for the Easy Access savings account.
However, the research showed that only a third (33%) of respondents currently hold their money in an ethical savings account, suggesting that customers’ intentions to review these ethical credentials may not always translate into action.
Ravi Kumar, Senior Product Manager at Gatehouse Bank, commented: “The research findings indicate that ethical considerations remain a top priority for customers, particularly amongst the latest generation of savers, which is the most ethically conscious yet.
“At Gatehouse Bank, we have observed this first hand, where our Woodland Saver accounts, for which we plant a tree on behalf of our customers for every account opened or renewed, have been hugely popular.
“As a Shariah-compliant Bank, we do not fund sectors perceived to do harm to society, including alcohol, gambling, and the arms industry. While we take great pride in helping our customers align their financial goals to their ethical requirements, finance providers must continue to communicate their values to increase consumer awareness of the savings options available to them.”
*This survey was commissioned by Gatehouse Bank and carried out by Cebr. The research anonymously surveyed 2,000 nationally representative respondents in the UK from 27/07/2022 – 28/07/2022 on a range of topics relating to their savings habits and goals.