It turns out most people are unclear where it goes
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Every day customers plough millions of dollars into Canada’s financial institutions but then what?
As consumers becoming increasingly interested in the ethics and social responsibility of corporates, most say that they care what financial institutions do with the money they invest but a large share doesn’t actually know.
A survey by British Columbia savings credit union Vancity found that while 60% say that it matters to them that their bank or other financial institution uses funds ethically, a similar percentage cannot be sure that’s the case.
“We encourage everyone to consider the choices they make in their daily lives. This survey shows a lot of people make an effort to recycle, compost and research the ethics of companies they purchase products from, but may not be thinking about what happens to their money when they make a deposit,” said William Azaroff, Vancity executive lead member experience & community engagement.
Who cares most?
Millennials are most likely to care about how their money is used. That group is more likely to review a company’s social, environmental, labour and investment practices than baby boomers.
And while just 29% of women agreed that they don’t care what happens to their money as long as they get a good interest rate, 41% of men did.
As consumers becoming increasingly interested in the ethics and social responsibility of corporates, most say that they care what financial institutions do with the money they invest but a large share doesn’t actually know.
A survey by British Columbia savings credit union Vancity found that while 60% say that it matters to them that their bank or other financial institution uses funds ethically, a similar percentage cannot be sure that’s the case.
“We encourage everyone to consider the choices they make in their daily lives. This survey shows a lot of people make an effort to recycle, compost and research the ethics of companies they purchase products from, but may not be thinking about what happens to their money when they make a deposit,” said William Azaroff, Vancity executive lead member experience & community engagement.
Who cares most?
Millennials are most likely to care about how their money is used. That group is more likely to review a company’s social, environmental, labour and investment practices than baby boomers.
And while just 29% of women agreed that they don’t care what happens to their money as long as they get a good interest rate, 41% of men did.
