Seven in 10 people in Wales (70%) think banks should play an active role in supporting communities, not just provide financial services, new research suggests.
Polling of 2,000 adults across the UK by Triodos Bank UK showed that 69% of those questioned in Wales believe banks have a responsibility to support positive change in the communities of their customers. Fewer than half of people in Wales (47%) think their bank supports positive change in their area.
When asked which areas most need investment in their communities, the research identified health services and support as the key priority, chosen by 41% of respondents. Environment-related investment (including green spaces, local renewable energy and adaption to climate change such as flood defences) followed closely at 36%, with creating jobs, skills and apprenticeships ranked in third, chosen by 33% of respondents. Wales was the only region in the UK to choose jobs, skills and apprenticeships as a top three priority.
Table 1: Key areas respondents in Wales think need the most investment in their local area:
But a third (35%) of those questioned in Wales believed people in Wales have no power over choosing which projects or sectors receive investment in their area.
Fewer than one in three people in Wales (25% and 29% respectively) are aware that other financial approaches – such as business lending from banks, or innovative financing methods such as crowdfunding – can also be used to fund projects that improve local communities.
Roger Hattam, director of retail banking at Triodos Bank UK, said:
“From towns and cities to valleys and coastal areas, people across Wales want to build a fairer, greener future that creates good jobs, strengthens local economies and gives people the skills they need to thrive. But while communities care deeply about that vision, too many mainstream banks have failed to back it – continuing to put profit before people and planet.
“Public funding in our communities remains vital for their success, but it is not the only way that communities can have a say in investing in their local areas. From impactful business lending to crowdfunding, there are many innovative ways to invest in communities across Wales. Together, how we use our money matters, and where we bank can be a powerful tool to empower local economies.”
Triodos Bank UK has delivered over £2.5 billion in lending to projects generating transformative social and environmental impact across the UK since the bank opened in 1995. It has pioneered the use of finance to drive forward environmental change, as well as supporting social impact in communities across the UK – including more than £5 million in investment to Awel Co-op, a renewable energy project supporting communities in Wales.
