Majority of savers want their pensions to help tackle climate change

More than half (57 per cent) of UK adults want their pension to be invested responsibly to help tackle climate change, according to a study by Royal London.

Despite the enthusiasm, only 15 per cent who have a pension currently invest it responsibly.

However, 44 per cent were interesting in investing their pension responsibly but did not know where to start.

Of those who do not invest their pension responsibly, 33 per cent said they were more likely to do so once they had been given an explanation of what responsible investing involves.

Less then one in 10 (9 per cent) respondents did not want their pension invested responsibly.

Royal London’s research revealed differences between age cohorts, with 66 per cent of 18 to 34 year olds willing to invest their pension responsibly, compared to 40 per cent of those aged 55 and over.

Women were more likely to say that all pensions should be invested responsibly (52 per cent) than men (47 per cent).

“While it’s really encouraging that people are willing to change their habits to help tackle climate change, we’ve got a long way to go to get people to think about checking where their pension is invested in the same way they look at the amount of plastic packaging on fruit and vegetables,” commented Royal London consumer finance specialist, Sarah Pennells. 

“Our research shows that one of the blockers is that people simply don’t know what responsible investment involves or where to start - and that’s a challenge we have to address.

“Our standard of living is shaped by our finances and the environment we live in. Having a large pension fund isn’t going to guarantee a great retirement if your home is at increased risk of flooding, or the air quality in your neighbourhood is poor, because of the effects of climate change.”

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