Only 3% of savers in the UK feel their bank does enough to explain what happens to their savings once they are deposited, according to research from Triodos.
The ‘ethical bank’s’ research also reveals how bank customers feel about their savings potentially being used to support industries traditionally considered controversial. 53% of savers said they would be concerned if they knew their bank was lending money to exploitive consumer goods production (i.e. sweatshops).
50% would be concerned about their bank lending to weapons production, and 34% have issues with funding intensive animal farming.
54% of respondents claimed that if they knew their bank was using their deposits to fund contentious sectors, they would vote with their feet and consider switching providers.
Charles Middleton, managing director at Triodos Bank, said: “Our research makes it very clear that the majority of savers are genuinely concerned about how their deposits are being used. The banking sector as a whole must acknowledge customers’ interest in the use of money
