UK adults are continuing to prioritise ethical savings options despite the cost of living crisis, according to new research published by Gatehouse Bank.

The findings indicated that more than half (52%) of respondents would review the ethical credentials of a savings account before committing capital.

This was three times more likely among younger generations, where 76% of 18 to 24-year-olds stated they would review the ethical credentials of a savings account, compared to 24% of those over the age of 65.

Gatehouse’s research, based on a study of 2,000 nationally representative respondents, revealed 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.

Senior product manager at Gatehouse Bank, Ravi Kumar, 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.

“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.”

Share Story: