Two-thirds of UK savers want pensions to tackle climate change

13th May 2021


Istock 1158337571

Related Topics

Related tags

  • Finance ,
  • Investment ,
  • Society

Author

IEMA

Around two-thirds of UK pension holders want their retirement savings to tackle to climate change, but a similar proportion have no idea where their money is invested, a YouGov poll has found.

After surveying over 1,000 pension holders, the researchers found that a whopping 80% had never even considered that their pension could be contributing to global warming.

However, half said that they would switch their pension if they knew it was funding oil and gas companies, arms production, deforestation or had links to child labour.

The Make My Money Matter campaign, which commissioned the survey, said that the findings suggest that as many as 18 million savers would switch to a green pension if given the chance.

Richard Curtis, film director and co-founder of the campaign, explained how a lack of information, poor communication and limited choice, are preventing savers from using their pensions to make a positive difference in the world.

“We must urgently change this and unlock the hidden superpower hiding within our pensions,” he continued. “Having a sustainable pension can make our money matter and be one of the most powerful tools we have to change the world.

“Now is the moment for the pensions industry to respond, and make sure that the £3trn invested in our pensions actually helps to build a world we want to retire in.”

Poor transparency from employers and pension providers appear to be driving scepticism and pessimism among scheme members.

Almost half the survey respondents do not think their employer adequately communicates where their pension scheme is invested, and a further 43% feel that their provider does not offer enough information.

Only 12% said that they think their pension is currently having a positive impact on people and the planet, and 60% don't know if their contributions are invested in line with their values – potentially undoing much of their good work to become more sustainable in their day-to-day lives.

“We’re calling for all pension providers to commit to net-zero targets by COP26, ensuring that the UK becomes a true global leader in green pensions,” Curtis said.

“We know that continued investments in unsustainable businesses are bad for the planet and go against the wishes of the majority of UK savers. They are also increasingly bad for returns and sustainable pensions are now delivering excellent returns.”

Image credit: iStock

Subscribe

Subscribe to IEMA's newsletters to receive timely articles, expert opinions, event announcements, and much more, directly in your inbox.


Transform articles

Young people struggling to secure green jobs

Just one in 20 workers aged 27 and under have the skills needed to help drive the net-zero transition, compared with one in eight of the workforce as a whole, new LinkedIn data suggests.

18th June 2024

Read more

With a Taskforce on Inequality and Social-related Financial Disclosures in the pipeline, Beth Knight talks to Chris Seekings about increased recognition of social sustainability

6th June 2024

Read more

Disinformation about the impossibility of averting the climate crisis is part of an alarming turn in denialist tactics, writes David Burrows

6th June 2024

Read more

David Symons, FIEMA, director of sustainability at WSP, and IEMA’s Lesley Wilson, tell Chris Seekings why a growing number of organisations are turning to nature-based solutions to meet their climate goals

6th June 2024

Read more

A system-level review is needed to deliver a large-scale programme of retrofit for existing buildings. Failure to do so will risk missing net-zero targets, argues Amanda Williams

31st May 2024

Read more

Chris Seekings reports from a webinar helping sustainability professionals to use standards effectively

31st May 2024

Read more

Although many organisations focus on scope 1 and 2 emissions, it is vital to factor in scope 3 emissions and use their footprint to drive business change

31st May 2024

Read more

IEMA submits response to the Future Homes Standard consultation

31st May 2024

Read more

Media enquires

Looking for an expert to speak at an event or comment on an item in the news?

Find an expert

IEMA Cookie Notice

Clicking the ‘Accept all’ button means you are accepting analytics and third-party cookies. Our website uses necessary cookies which are required in order to make our website work. In addition to these, we use analytics and third-party cookies to optimise site functionality and give you the best possible experience. To control which cookies are set, click ‘Settings’. To learn more about cookies, how we use them on our website and how to change your cookie settings please view our cookie policy.

Manage cookie settings

Our use of cookies

You can learn more detailed information in our cookie policy.

Some cookies are essential, but non-essential cookies help us to improve the experience on our site by providing insights into how the site is being used. To maintain privacy management, this relies on cookie identifiers. Resetting or deleting your browser cookies will reset these preferences.

Essential cookies

These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website.

Analytics cookies

These cookies allow us to recognise and count the number of visitors to our website and to see how visitors move around our website when they are using it. This helps us to improve the way our website works.

Advertising cookies

These cookies allow us to tailor advertising to you based on your interests. If you do not accept these cookies, you will still see adverts, but these will be more generic.

Save and close