PensionBee research reveals attitudes to eco-conscious saving

Mark James

by , Communications Manager

14 June 2018 /  

14
June 2018

PensionBee research reveals attitudes to eco-conscious saving
  • Savers under 30 almost twice as likely to choose an eco-friendly option as those over 50
  • Male and female savers equally eco-friendly, with 17% choosing the PensionBee Future World Plan
  • Almost a fifth of Brits (17%) would go for a green pension

PensionBee has examined a sample of 1,677 of its customers, looking at whether attitudes to eco-friendly pensions vary according to age and gender.

According to the online pension manager’s analysis the UK’s youngest pension savers are the most socially conscious, with those under 30 almost twice as likely to choose an eco-friendly option as those over 50 (19% vs. 10% respectively). 18% of those aged 30-39 would select an environmentally friendly pension, while 15% of 40-49 year-olds would consider the environmental standards of their pension investments.

Age group Proportion of individuals in eco-friendly option (%) Total customer sample
Under 30 19 371
30 – 39 18 839
40 – 49 15 361
Over 50 10 106
All 17 1,667

Source: PensionBee; data collected October 2017 - March 2018

The findings strengthen the perception of an intergenerational divide in attitudes, with younger savers leading the way when it comes to eco-friendly investing. However, no such divide exists between male and female investors, with PensionBee’s research indicating that 17% of women and 17% of men favour the Future World Plan. In total, just under a fifth of Brits (17%) would go for a green pension.

Age group Proportion of individuals in eco-friendly option (%) Total customer sample
Female 17 481
Male 17 1,196
All 17 1,667

Source: PensionBee; data collected October 2017 - March 2018

Speaking on the findings, Romi Savova, CEO of PensionBee said: “In October 2017 we launched our new Future World Plan manufactured by Legal & General. It’s specially designed to have a positive impact on the planet by focusing on companies that generate revenue through low-carbon activities, and since its launch we’ve seen an incredible uptake across the generations.

As awareness of eco-friendly products continues to grow and savers are offered more choice, we expect an increasing number of customers to opt for a greener pension. We intend to lead the way for other pension providers, helping savers build a better future for themselves and the environment.”

Emma Douglas, Head of DC at Legal & General Investment Management added: “It is reassuring to see PensionBee’s research shining a light on current attitudes towards environmentally friendly pensions. We’ve seen a marked change in attitudes from savers who want to use their pension to help create the future they want to retire in. We have designed our Future World Fund specifically for savers who want to invest responsibly whilst at the same time protect their money from risks associated with companies who have poor ESG profiles.”

Note to Editors

Romi Savova, CEO of PensionBee available for interview or comments.

For more information, please contact:

  • Jasper Martens
  • 020 3859 5788
  • press@pensionbee.com

Methodology

PensionBee data collected October 2017 - March 2018.

We compared 1,677 PensionBee customers, who are broadly distributed across the UK regions of Northern Ireland, Scotland, Wales and England.

The sample includes 481 women, representing 29% of the sample and 1,196 men, representing 71% of the sample. The sample represents an age group of 21-66 years, with an average age of 36.

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