A recent study conducted by Royal London Ireland reveals that a majority of Irish individuals exhibit a willingness to pay more for eco-friendly products. While only 32% of those surveyed objected to the notion of paying extra for sustainable products, a staggering seven out of every ten individuals insinuated they would consider higher prices. The price margin fluctuated, with some opting for a 5% increase and others expressing readiness to pay “whatever it takes”.
The survey highlighted an encouraging sense of environmental consciousness among younger generations, as per Royal London Ireland’s Proposition Director, Joe Charles. Individuals born beyond 1997 portrayed more readiness to embrace higher prices for sustainable products than their older counterparts.
The study further demonstrated an apparent readiness among the populace to bear nearly 20% additional costs for eco-friendly products. Approximately one-fifth indicated they might endure a 10% premium price for sustainable items, as per the results. In contrast, 17% exhibited their willingness to pay an extra 5% for a greener alternative. A substantial proportion of the respondents, 9%, were prepared to pay 20% more for sustainable products, while 15% accepted potential price increments between 30 and 75%.
A relatively small group, constituting nearly 10% of respondents, expressed a readiness to invest “whatever it takes” in sustainable purchases, with significant backing from Dublin. However, support was noticeably limited within residents of Connacht/Ulster.
The survey also shed light on a distrust towards financial services, with one-third of respondents expressing scepticism towards Irish financial services’ commitment to environmental objectives. This distrust was especially prevalent among Generation Z respondents, where nearly half (46%) expressed minimal trust in financial groups’ sustainability commitments.
People’s view on the financial sector’s social responsibility bore a significant divide, with 32% expressing optimism about its future, while 31% displayed pessimism about its environmental outlook. Mr Charles conveyed their efforts to establish trust with their consumers and the greater public. However, he acknowledged occasional shortcomings and a lack of consumer awareness of the positive strides made behind-the-scenes.
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