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Majority of people want more transparency from banks over where their money is invested, poll finds

Seven in 10 people think banks and other savings providers should do more to show where their money is being invested, a survey has found.

Some 70 per cent of people would like to see more transparency from providers generally to show where their money is going, Triodos Bank said.

Two-thirds of respondents did not know whether their money or savings currently go towards supporting fuels which may have an environmental impact, such as oil, gas or coal.

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Half said they did not want their money to support fossil fuels, the survey of more than 2,000 people across the UK found.

Earlier this week, it was confirmed in the Budget that the annual Isa allowance for the new 2020/21 tax year starting on 6 April will remain frozen at £20,000 for adult savers – but for child savers the allowance will see a significant increase.

For the 2020/21 tax year, the annual subscription limit for Junior Isas and Child Trust Funds will be increased from £4,368 to £9,000.

The Bank of England’s interest rate cut on Wednesday from 0.75 per cent to 0.25 per cent also means many savers are likely to see their returns shrink further in the coming months.

Bevis Watts, chief executive of Triodos Bank, said: “The UK’s banks should be using the money saved or invested with them to protect the long-term interests of their customers in creating a sustainable future.”

He continued: “There is a strong demand for much greater transparency over where banks invest their money, enabling customers to make informed choices.”

Looking at personal changes people said they would like to make to help the environment, people in Bristol were the most likely to say they would use an ethical bank, with one-third being inclined to do so.

People in Belfast were the most likely to say they would be inclined to switch to a renewable energy supplier, at 52 per cent.

And more than eight in 10 people in Plymouth said they would be inclined to avoid single-use plastic, making them the most likely in the survey to do so.

People in Plymouth were also the most likely to say they would avoid “fast fashion”, at 61 per cent.

Meanwhile, Nottingham residents were the most likely to say they would consider switching to a vegan diet, at 14 per cent.​

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