Article updated on 11 September 2020.
With Australians still healing from the worst recorded bushfire season and now the entire world thrown into a health crisis, investing in the welfare of everyone and the future of the planet has never been a more relevant topic.
In fact, according to a report by the Responsible Investment Association of Australasia (RIAA) a significant 86% of Australians now expect their savings to be used for more ethical investments. The study revealed that more than two thirds of the nation do not want their money to fund environmentally damaging projects, including fossil fuels and logging.
Millennials and Gen Z most likely to be swayed by ethical investments
Of the over 1,000 Aussies surveyed, 71% of Millennials and 73% of Gen Z said they would be willing to save and invest if they knew their money would have a positive impact on the planet. In fact, many listed the recent bushfires and flooding as their number one reason for wanting to switch.
So why aren’t more people divesting you ask? Well it would seem that a lack of readily available information is the main reason that many have as yet, not aligned their banking with their values.
If you’ve been thinking about switching, but don’t know where to begin here are 5 savings accounts, that according to environmental campaigner Market Forces, won’t invest your rainy day fund in fossil fuel projects: