On the go: Eighty-eight per cent of Britons do not have confidence in the agreements made by governments at COP26, PensionBee research shows.
As few as 11 per cent of those surveyed by PensionBee said they felt the world is moving in the right direction on climate change following the COP26 summit in Glasgow.
Almost half of the 249 respondents surveyed felt the outcome of COP26 is good but did not go far enough, while 22 per cent had little faith in the outcome, and a further 22 per cent have no faith in governments solving climate change.
More optimistically, almost three-quarters, 72 per cent, of respondents said they were either already convinced or were interested to learn more about the impact of investments on the climate and how they can help reduce carbon emissions.
Investments made by the average sized UK pension scheme effectively create 23 tonnes of carbon dioxide emissions, while 95 per cent of savers unknowingly invest in carbon-emitting investments through workplace pensions.
Close to a quarter of respondents, 26 per cent, showed an interest in switching to a green pension, but only 1 per cent of UK consumers have already invested in one.
The leading obstacles stopping people from switching to a green pension include 28 per cent of respondents believing that they lack control of their plan, since their employers pick their plan, whereas 13 per cent lack knowledge of how to switch their plan as they feel the process is complex, while 12 per cent do not feel they have saved enough for their pensions to make an impact.
The survey emphasises the necessity of consolidating individuals’ pension pots into funds that align their mandates with the saver’s beliefs. This only increases the need for better digital solutions from the pensions industry for savers to be able to access and manage their pension pots.
Clare Reilly, chief engagement officer at PensionBee, said: “Our research highlights that most savers across the UK have little faith in the key agreements made by politicians at COP26, and instead believe in the power of their investments to decrease carbon emissions.
“Since its launch last year, PensionBee’s Fossil Fuel Free Plan has attracted many new people to responsible investing. As evidenced in our recent survey, the plan has not only succeeded in engaging a mainstream audience in an important debate, but also in widening participation for more people to use their pensions to address the climate crisis.
“Every workplace should provide easy access to a simple green pension to engage their employees with saving, while helping them reduce their carbon emissions,” she added.
