Customers in the Generation X age group, those born between 1973 and 1980, were the first to sign up to PensionBee’s new impact investing fund, the pension provider has revealed.

This trend, according to the provider, “challenges” the perception that interest in impact investing is strongest amongst young adults such as younger Millennials (1989-1996) or Generation Z (1997-2012).

PensionBee revealed that the average age of a customer that has already committed to the plan is 42 and that the age range of customers switching into the plan spans from 18 to 70.

PensionBee’s impact plan, which has now opened up to the wider public, aims to allow savers to invest in companies that are "building a better future for the planet and society” and offers access to public-markets impact investing, allowing members to “redirect” their savings towards environmentally conscious companies.

It was also revealed that half of the impact plan customers had transferred from PensionBee’s default fund, which PensionBee stated “highlights the universal appeal of the new product and its ability to drive greater engagement in pension saving over the long term”.

PensionBee chief engagement officer, Clare Reilly, commented: “This latest innovation is built to drive positive change; in sustainable pensions, the financial system and the world around us, all whilst building a healthy pension for retirement.

“Our customers show the market that impact investing is not just the preserve of younger generations, and that all savers want ways to invest in line with their values.

“We’re thrilled to be launching our new impact plan thanks to the support of our customers. They have made this possible, by telling us how they want to see their money invested, helping shape that vision and then pledging to invest in the fund to make it a reality.”

BlackRock head of impact investing, Eric Rice, added: “We are excited to launch this impact strategy with PensionBee.

“This solution is built to meet PensionBee’s requirements based on their customer research using our team’s impact expertise.

“It reflects BlackRock’s continued commitment to listening to our clients, helping them navigate their sustainability journey and demonstrates our ability to provide our clients choice, including sustainable outcome-oriented investing”.

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