Approximately half (49%) of the population have claimed that they rate the provider’s social values, such as consistency, reliability, trustworthiness and treating customers fairly, as important as the potential returns, new research from Foresters Friendly Society has found.
According to the society, an increasing number of parents are spending time investigating alternative investment options for their children as they are concerned with how ethically conscious future generations might be. Around a quarter (27%) would accept lower returns to invest with a provider that demonstrates the company values they identify with personally.
Comparatively, just one in five (18%) savers do not consider the company’s social values and beliefs when selecting and investing in savings vehicles for their children.
Foresters Friendly Society said that savers are “being inspired” by the social values embodied by certain companies, with 31% of adults selecting an ethical investment provider when choosing products, while a quarter (24%) would consider mutual or friendly societies are their top choice.
However, while the wider social and customer benefits are important, financial performance remained crucial amongst savers. The potential for growth and security in terms of guaranteed returns are the two most sought-after benefits, with 34% and 33% prioritising these when selecting financial savings products for the children in their lives.
Commenting, Foresters Friendly Society chief executive Paul Osborn said: “People are increasingly motivated by the potential social and ethical good they can enact and instil in their children, rather than being solely focussed on monetary gains. Awareness and preference of mutual and friendly societies proves benefits that align with people’s values stand the test of time. While fund performance remains important, being reliable and trustworthy is essential and sits at the core of mutual and friendly societies, and these values clearly resonate in today’s world.
“Securing the financial future of the younger generation is key and being savvy about the investment vehicles out there makes this process smoother. For example, the Junior ISA offers a simple, tax-efficient way to invest for your offspring’s’ tomorrow. Investing early is a great way to give them a financial helping hand for when the time comes for them to make those big life decisions.”
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