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Why teenagers are pledging to invest their money in creating a greener future
The UK's teenagers have vowed to kickstart a new era of 'Social Spending' and use their future earnings to influence green and social issues.
Three in four (76%) teens say they will make a real impact on social and environmental concerns in the future – and claim their generation better understands its financial clout than their parents.
In fact, four in five (85%) of today's teens believe controlling where they spend and invest their money will allow them real influence.
And the 'My Generation: Social Spending Power' study, commissioned to launch the UK's first National Ethical Investment Week (NEIW), reveals the potential impact of a more socially-conscious generation.
- Seven in ten will refuse to work for companies that do not behave ethically (71%) or harm the environment (79%
- Three quarters (75%) aim to run a low-carbon household, and drive eco-cars (46%)
- Over half (54%) will spend and invest their money with companies that behave ethically
Christophe Jouan, Managing Director of trends spotters, The Future Foundation comments: "These are tomorrow's customers and voters, so neither big business nor politicians can afford to dismiss the results of this report.
"Today's teens will be the most socially-conscious generation of consumers yet, who are also very aware of the power of the pound.
"From the jobs they do to the cars they drive, and, from the products they buy to where they invest their money, it seems the next generation are determined to use their spending power in a positive way."
'No-go areas'
Today's teens have already outlined a list of 'no-go' areas, where they will refuse to have their money invested, headed by tobacco companies and weapons manufacturers.
Instead, they want the option to direct their money towards companies that ensure they do not use child labour, or are providing new technologies to protect the environment.
Almost two-thirds (65%) say their parents' generation has not used its own spending power to influence green and ethical issues, while almost half (47%) say their parents' have actually failed in their social responsibilities.
Penny Shepherd, Chief Executive of UKSIF said:"Socially-conscious spending and investment is becoming more mainstrean. The research highlights that this trend is set to continue as the next generation of consumers convey their desire to spend and invest their cash, or even work for companies, that display good ethical and environmental practices. Financial services providers, and indeed, all businesses, cannot afford to dismiss the results of this report as youthful intent."
Today's teens however are already doing their best to influence change in the UK's households by lobbying their parents to reduce energy used in their homes (84%), switch to fairtrade foods (48%) and invest in ethical companies (24%).
