Concerns over the climate crisis are rising sharply among UK consumers, with many eager to take individual action but feeling hindered by their financial situation, according to new research.
The study, commissioned by Doconomy, reveals that 55 per cent of respondents are more worried about climate change than ever before, and 70 per cent are concerned about its impact on their quality of life and that of their loved ones. However, financial pressures are proving a major obstacle, with nearly half (48 per cent) saying they struggle to focus on sustainability due to feeling out of control with their finances.
The survey highlights the growing frustration with government inaction, as only a third of consumers trust authorities to address the climate crisis, and two-thirds (66 per cent) believe the issue has been turned into a political football. A significant portion (41 per cent) expressed a desire to take matters into their own hands, spurred by the lack of meaningful leadership on climate action.
When it comes to personal sustainability, respondents identified practical steps they could take, such as reducing gas and electricity use (44 per cent) or adopting a more energy-efficient home (32 per cent). Yet, the cost-of-living crisis remains a major barrier. A quarter (25 per cent) said managing their finances is a more immediate priority than addressing climate concerns, while nearly half (47 per cent) reported anxiety over their financial situation.
Sustainable choices
Doconomy, a fintech company, aims to address this gap by providing tools that allow consumers to improve their financial wellbeing while making sustainable choices. Its platform enables banks to offer these tools to their customers, who, according to the data, have on average grown their savings by more than €2000 annually and reduced their carbon footprint by 373kg per year – equivalent to the energy required to charge over 26,000 smartphones.
Despite the strong desire to act, the research found that 37 per cent of UK consumers don’t know where to start when it comes to addressing the climate crisis, and 39 per cent lack access to the financial tools that would enable them to make more sustainable choices. Doconomy’s platform aims to bridge this gap by integrating seamlessly with existing banking systems, reducing friction and making it easier for consumers to take climate-positive actions.
Mathias Wikström, CEO and co-founder of Doconomy, noted the connection between financial stability and the ability to make eco-conscious decisions. “Our research has found a strong relationship between financial wellbeing – feeling in control of finances and being able to plan and save – and sustainable lifestyle choices. By addressing both aspects, consumers can start to unite their financial goals and eco-conscious desires.”
Professor Lorraine Whitmarsh, an environmental psychologist at the University of Bath, echoed these sentiments, touching on the broader benefits of climate action. “There are many ways that people can take action on climate change – not only by cutting their carbon footprint and using their voices, but also by choosing green savings and investments – however, they need support to make these choices. Governments, banks, and financial institutions have a vital role to ensure they support and empower UK consumers to take these steps.”
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