Over the last year, we have seen an increase in demand for our products and services. For example, at the end of 2021 we had over 19,500 savers – a number which now lies at over 26,000.
‘Traditionally, there has been an underlying concern that ethical financial products and services might be sacrificed during periods of economic uncertainty. However, we have recently seen young people reaffirm their commitment to ethical finance options against the backdrop of the cost-of-living crisis, marking a distinct and significant shift in attitudes and behaviours.
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Recent research, commissioned by Gatehouse Bank, saw almost two-thirds (65%) of savers aged 18 to 24 state that they would prioritise ethical savings, even if this offered lower financial returns, compared to under a fifth (18%) of those aged 65+ who said the same. This has confirmed that younger generations want clean, sustainable, and ethical options that add value to society and financial institutions are beginning to take note of this.
Next year, to address this growing demand, the market will likely see a growing number of ethical finance products on offer, including savings accounts and home finance products. The banking sector will also continue its vital digitalisation journey by improving back-end and consumer-facing tech tools. The UK boasts some of the most promising tech firms and entrepreneurs, so it will be exciting to see what new tools we will have at our disposal by this time next year.
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