A report from communications consultancy MRM has revealed that young people in the UK believe financial services should drive social justice.
The Young Money Report found that 55% of 18 to 30-year-olds want these firms involved in social issues like climate change and equality, with only 18% preferring they stay out of it.
MRM’s research found that 27% of young people said campaigning on these issues is essential only if it’s genuine and relevant to the company’s values.
When asked about the impact of their current financial providers’ social justice efforts, 35% agreed that these efforts are making a real change, while 32% feel it depends on the specific company.
Meanwhile, 19% expressed outright scepticism about the impact of financial services on social issues.
Young Londoners showed the most support for financial firms campaigning on social issues at 64%, compared to only 48% of 18 to 30-year-olds in the North East.
Chris Tuite, director and head of consumer finance at MRM, said: “Our findings show that for young people in the UK social justice is important.
“It seems likely that it does influence where they bank, invest, and spend.
“They are informed, educated and engaged on the issues that matter to them and so any, and all efforts made by FS firms to be a force for good in society need to be relevant and authentic.”
Tuite added: “Greenwashing? Performative diversity? Young people are not buying it.
“The issues these FS firms own need to be part of a broader pattern of behaviour that runs through all aspects of the business.
He said: “Clearly young people see their money aligned closely with their values and that is increasingly likely to drive their money decisions.
“Financial services firms need to take heed and respond or they risk reputational damage for inaction or lacking authenticity.”
