Millennials ‘more likely to feel the need to invest pensions ethically’

Millennial pension savers are twice as likely than older generations to think it is their responsibility to make sure their money is invested ethically, a survey has found.

One in seven (13%) of 18 to 34-year-olds with a pension believe it is their social responsibility to make sure it is invested ethically compared with 6% of 45 to 54-year-olds and 7% of over-55s.

The research, conducted by YouGov, was released to mark Good Money Week, a campaign to raise awareness of sustainable and ethical options when it comes to people’s financial decisions.

More than four in 10 (44%) millennials with investments think it is possible for them to create positive social and environmental change by making sustainable investments compared with 34% of UK investors overall, the survey among more than 2,100 people found.

Charlene Cranny, programme manager of the UK Sustainable Investment and Finance Association, said: “We would urge working millennials who will all be enrolled in a workplace pension over the course of the next few months to start seriously thinking about and questioning where their pensions are being invested this Good Money Week.

“If they take the steps to ensure their values are reflected in their investments, the impact they have could be huge.”

Good Money Week runs from October 8 to 14.

Here are some tips from Good Money Week for thinking about the impact of where your money goes:

:: Ask your employer about ethical or sustainable pension options.

:: Consider an ethical or sustainable Isa or other type of savings account.

:: Ask your bank or other financial firm’s customer services team about their ethical policies.

:: If you use a financial adviser, ask them about ethical options.

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