‘MY GENERATION’ TO DRIVE NEW AGE OF
MORALITY WITH SOCIAL SPENDING, SAY
Teenagers vow to use spending power on green and social issues
The
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
· 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.”
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%).
The ‘My Generation: Social Spending Power’ study, commissioned by the UK Social Investment Forum – which is leading NEIW – also reveals:
Over 1,000 15 to 19-year-olds, across the
· is more socially aware and responsible than my parents’ (65%)
· is better informed because of the internet and media (83%)
· is more likely to be taking action than our parents now by recycling and cutting energy use (74%), only spending our money with companies that behave ethically (39%) or becoming members of green or humanitarian groups (34%)
· has a responsibility to ensure investments are not used to support companies that harm the environment (85%) or do not behave ethically (82%)
· will use its spending power to make a real difference in social and environmental issues (65%)