A report from communications consultancy MRM has revealed that young people in the UK believe that financial services firms have an important role to play in driving progressive societal change.
The Young Money Report has found that 18–30-year-olds want financial services providers to take social justice issues seriously, but significantly, they must do so authentically.
On issues such as climate change, social equality or personal freedoms most young people feel that financial services firms have a crucial role to play with 55% of those surveyed saying they want FS providers involved in those issues and only 18% saying they’d rather they weren’t.
However, empty gestures and progressive posturing without authenticity are a no-no. A further 27% say that campaigning on social justice and climate issues is important but it depends on the company that is doing it. In other words, not just what is being said, but who is saying it, and why.
When asked if they believe social justice efforts made by their current financial services providers are driving real change in society over a third (35%) agreed that they are. However, another third (32%) suggested that it depends on the company. By contrast almost one fifth (19%) remain entirely sceptical of the of financial services companies’ efforts and the impact it can have.
Young Londoners were most supportive of the idea of financial services companies campaigning on social justice issues with 64% seeing it as important whilst just 48% of 18-30 year olds in the North-East agreed with the idea.
Chris Tuite, Director and Head of Consumer Finance at MRM says:
“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.
“Greenwashing? Performative diversity? Young People are not buying it. The issues these FS firms own need to need to be part of a broader patten of behaviour that runs through all aspects of the business. 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.”
