Consumers not prepared to go green for extra cash
Published on : 24/07/2007
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Consumers are not prepared to pay extra for a financial product just because it is green, it has been claimed.
A spokesman for the Co-operative Bank claims that there should be very little gap between green and standard products in terms of price - because consumers are unwilling to splash out on an eco-friendly deal if the differential is too great.
"The Financial Services consumer does not want to sacrifice anything in terms of the product just for the green credentials," the Co-operative Bank official commented.
"People will not pay more - they will not pay more on their mortgage, they will not pay more on their credit cards - they won't take a lesser product just because it is green."
He then went on to describe how the bank was trying to make sure it structured its green offerings so that they were attractive to consumers.
"First and foremost, what we're trying to do with our products is we make sure they are mainstream products with things on them," he commented.
"They have added on green features as well, and we hope that when people actually decide [which green products to choose] that they see products which have very little difference [in terms of price]."
