Photo credit: Steve Eastwood
Only one in every five Luxembourg residents has invested money in sustainable finance products, a survey by the financial regulator found on Wednesday because they doubt they will earn enough money, and with many saying they are confused as to what the term actually means.
Just 21% of the 1,011 respondents in a survey run by the CSSF said they had put at least part of their savings into green finance, while an additional 53% said they had not, but could consider it. A total of 26% said they had never touched green finance, and would not do so in the future either.
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When investing into sustainable funds – which steer money to companies that do little harm to the environment – the yield on a product was still the most important deciding factor, according to the survey, which was backed by banking lobby ABBL and the Luxembourg Sustainable Finance Initiative.
It was followed by the level of risk, while a company’s reputation and its human rights track record only came in a joint third place, according to the survey, which the CSSF presented at a press conference on Wednesday.
More than half of the 26% of respondents who categorically refused any involvement in sustainable finance said they did not know what the term “sustainable finance” referred to, but roughly the other half did.
The financial regulator, the CSSF, will use the survey to launch an education campaign, strengthened by the fact that nearly half of the respondents agreed that sustainable finance was an important topic of public interest.
In some two years’ time, the bodies will launch a new survey to measure the impact of their public relations campaign, Danièle Berna-Ost, general secretary at the CSSF, said during the press conference.
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