Ecology Building Society has today launched its new Savings Hub to provide consumers with specialist support and information on simple, sustainable savings.
Free to access, the online multimedia hub offers much-needed guidance on reasons to save sustainably, avoiding greenwashing, understanding where savers’ money goes, and choosing a sustainable savings account.
With almost half (46%) of Britons reported to have £1,000 or less in savings, financial providers have a responsibility to encourage customers to adopt healthy saving habits. But with Ecology research finding that three quarters (74%) of savers would like their money to have a positive impact on the environment and society – and over half (53%) not knowing how their money is used – support should also be given to help increase consumer knowledge and understanding around green savings and the environmental credentials of financial institutions.
Tackling greenwashing has become a priority for the industry, as the Financial Conduct Authority’s new anti-greenwashing guidance is due to come into effect on 31 May. Intended to help ensure that sustainability-related claims made by financial firms about their products and services are fair, clear and not misleading, the introduction of the new guidance follows growing consumer appetite for sustainable financial products.
Pauline Crawford, Savings Product Manager at Ecology, said:
“Savings should be simple. But with the market as complicated and opaque as it is, it’s understandable that people are confused about where their money goes, or even where to start when it comes to sustainable savings. We created the Savings Hub to simplify green savings and educate consumers on ethical practices so they have the information they need to make informed financial choices.
“Representing a collection of shared wisdom from our in-house experts and valued Members, the hub is designed to support people wherever they are on their savings journey. Whether Ecology Members or not, we want to provide honest, transparent information to help all savers and have a positive impact on the environment and the way we live as a result.”
Ecology has over four decades of specialist experience in providing transparent, ethical savings accounts, with Members’ money invested in sustainable housing, small-scale green development and community-led housing projects around the country. These are tracked and displayed on a map of the UK to deliver transparency and ensure Members understand exactly how their money is used.
Bringing together the Society’s heritage and expertise, the new Savings Hub comprises a range of content including informative blogs, Member stories, and live webinars consumers can attend virtually; putting their own questions to experts to receive more tailored support.
Additionally, a free in-depth sustainable savings guide helps people navigate through the world of ethical finance, discussing greenwashing and ethical finance, and showing how Ecology’s savers fund ecological homes and sustainable communities.
Ecology’s Savings Hub is free to access here: https://ecology.co.uk/category/savings/
