Green intentions ‘hampered by bad debt’
Consumers faced with bad debt may be unwilling to spend on environmentally friendly financial products, it has been claimed.
According to Co-operative Bank, Britons are not prepared to reach into their own pocket to provide funds for ethical products.
A spokesperson suggests: “They will not pay more on their credit cards, they won’t take a lesser product, just because it is green.”
Research conducted by IFA Promotion reveals four in five travellers are reluctant to pay additional tax on flights to contribute towards carbon offsetting initiatives.
However, consumers are advised that payments on standard products may add to their affordability concerns.
Chief executive David Elms explains: “The irony is that many people are needlessly wasting their money on paying existing taxes due to a lack of understanding and guidance.”
He adds that “the onus is - more than ever - on the individual” to work towards improving their affordability situation.
Those with bad debt could stand to benefit from expert advice in order to minimise their outgoing.
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