Over two-thirds (67 per cent) of global consumers want their financial institutions to become more sustainable, as the trend towards green investing continues.
According to new research from fintech Mambu, a further 67 per cent of consumers believe that their current bank or financial provider is guilty of greenwashing.
Meanwhile, , just a quarter (26 per cent) of UK consumers think that their current bank or financial institution clearly communicates its sustainability commitments.
More than half of all consumers would like more control over how and where their money is invested, and more than a third (34 per cent) said that access to green financial services has become more important to them over the last five years.
Read more: Is P2P lending better than ESG funds?
Despite this, just 14 pre cent of UK consumers have “knowingly” made use of a sustainable finance product or services.
“Our research shows that consumers are increasingly looking for ways to make greener financial decisions, but remain sceptical about how strongly banks are committed to the sustainability agenda,” said Anna Krotova, director of sustainability at Mambu.
“They want to play a more active role in making green finance the future of finance, and there’s a huge opportunity for forward-thinking players to get ahead in this transition.”
Mambu also found that there was confusion around what exactly green finance means, suggesting that more financial education is needed.
35 per cent of those surveyed did not fully understand the difference between green finance and ethical finance.
When it comes to the most in-demand green financial products, 45 per cent of consumers said they wanted to see more sustainable credit and debit cards, while 42 per cent were interested in green savings accounts and bonds, 31 per cent wanted to see more green loans, and 31 per cent said they would be interested in green mortgages.