Teachers Mutual and Australian Ethical back launch of RIAA responsible investment consumer report
March 9: The Responsible Investment Association Australasia (RIAA) has released its latest report on responsible investing consumer trends and attitudes in Australia. It found that while 4 out of 5 Australians expect their money to be invested responsibly and ethically, 72% are worried about greenwashing.
Simon O’Connor CEO of RIAA said:
“Australians are demanding more transparency from their providers, with 75% wanting to know which companies their super fund, bank or other investments are invested in. They are attuned to the threat of greenwashing, and it is holding many people back, particularly when it comes to switching to an ‘ethical’ bank.”
Corin Millais, our Head of Socially Responsible Banking, said:
“Australians are on the money to call out greenwashing in finance. Accreditations like RIAA Certification and B Corp give substance to the sustainability claims finance managers tout, making it possible for customers to sort through the wash.”
Key findings include:
- Five out of six Australians believe it is important their super fund or bank commits to reducing greenhouse gas emissions (84%), sets targets for emissions reductions (83%), and 81% want to see them pledge to achieve net zero by 2050;
- Three quarters (75%) of the population is more likely to invest in responsible investment products that have been certified or labelled as responsible by an independent third party;
- While more than half of Australians (55%) think it is too hard to switch to an ethical bank, 44% of those who already made the switch did not find it difficult;
- The majority of Australians (65%) do not believe the claims banks make about responsible investment;
- Teachers Mutual Bank Limited sponsored the report, along with Australian Ethical. We became a B Corp in February 2022 and are the only bank in Australia to have all mortgages, deposits and wholesale products certified as a Responsible by the RIAA.