Consumers want to make sustainable choices but cost and other practicalities take priority, new research shows.
The survey of 1,000 people from Banking and Payments Federation Ireland (BPFI) looks at the role sustainability plays for consumers making decisions on a number of products.
When asked about the factors that influence their decision when buying a car, over 80% said price was the most important factor, followed by reliability.
Just 32% of respondents said fuel emissions would influence their decision to buy.
When it comes to savings and investments, 60% believe it is important that their savings and investments do not fund economic activities that have a negative impact on the planet.
Meanwhile, 56% said they would be more likely to invest in a product if they knew it was sustainable.
Opinions differ when it comes to age, with those aged 55 or older less committed to sustainable investment compared to young people.
On the issue of home buying, over half of those surveyed said a good Building Energy Rating (BER) is very important.
However, this dropped to 40% for those aged between 18-24.
Louise O’Mahony, Head of Sustainable Banking at BPFI said banks play an important role in supporting people to make sustainable financial choices.
“Today’s survey suggests that there is further opportunity to engage with customers to more closely match their interest in sustainable options with the wide range of products already available through the banks and other financial providers such as sustainability-linked loans and reduced rates for mortgaged properties with improved energy performances,” she said.
The research is being published ahead of BPFI’s inaugural Sustainable Finance Conference.
Article Source – Consumers want to make ‘green’ choices but cost dominates – survey – RTE
