How US banks can build trust through sustainable action

Banks are in a unique position to ease both customers’ rising costs of living and their climate anxiety.

The world is way past the point of debating whether climate change is real; the question is who’s going to step up and do something about it? It might just be your bank.

Our latest research, surveying 2,000 consumers across the US, paints a picture that’s both alarming and full of potential. We’re seeing a public that’s more worried about climate change than ever, coupled with a growing frustration at the lack of meaningful action from policy and corporate leaders.

In this leadership vacuum, there’s an unprecedented opportunity for financial companies to evolve, and to create a fundamental shift in what banking and wealth means in the 21st century.

Our study of US residents shows that only 16.5 percent of people believe their national governments have taken meaningful steps to address climate change.

Let that sink in: in an era where climate disasters dominate headlines, less than one in five think their leaders are doing enough.

A staggering 30.4 percent feel there’s a complete lack of climate leadership from their government. That’s not just political disappointment — it’s a damning indictment of our current systems and paradigms.

And here’s where it really stings: 54 percent of people are frustrated by governments and businesses reneging on climate commitments. We are watching our leaders make and break promises without batting an eyelid.

As a result, we found that 55 percent of respondents worry about the climate crisis more than ever before. This is a growing, gnawing anxiety that’s becoming impossible to ignore.

This leadership vacuum isn’t just a political problem; it's a ticking time bomb of public trust, one that’s eroding faith in our institutions and leaving people feeling helpless in the face of global catastrophe.

However, this also presents an extraordinary opportunity for the financial sector. While governments falter, banks have the chance to step up, fill the void and redefine their role in society.

While the climate leadership vacuum grows, people aren’t just sitting on their hands, they’re actively trying to step up.

But they’re hitting a wall of financial stress that’s cutting their intentions short.

In the US, 46.5 percent of folks are struggling to save due to rising costs. Nearly half of US residents are watching our financial cushions deflate faster than a punctured tire. And when you’re worried about paying rent, ideas about saving the planet often take a back seat.

People want to act, but they’re paralysed. Nearly half of our survey’s respondents are planning to use less gas and electricity in the next year — we see this as an effort to shrink their carbon footprints, not just to cut costs.

The will is there: more than a third are eyeing home energy efficiency upgrades, while a similar number of people are changing their diets for the planet’s sake. That’s a third of Americans re-insulating their attics and swapping steaks for salads.

But — and it’s a big but — 49 percent feel they don’t have the right financial tools to help them live more sustainably.

For the vast majority, not feeling in control of their finances makes it hard to focus on sustainable living. Our study suggests that nearly two-thirds of Americans are torn between wanting to save the world and needing to save for a rainy day.

Half of them want to take steps to address the climate crisis, they just don’t know where to begin.

To our mind, the message is clear: provide the support, and ordinary people will drive the change. This isn’t about new banking products — it’s about reimagining the role of finance in fostering a more sustainable future.