Green finance: the neglected consumer demand

Abstract

Household demand for green financial products is rarely investigated in the literature, except for ESG investments. This paper investigates the demand for a broader spectrum of finance (capital and banking markets together). The approach comes from data science in order to manage survey data's high dimensionality. Four consumer groups are formed regarding green demand based on clustering. A positive relationship between green and financial knowledge and financial and personal green attitude is observable. Individuals with a more robust attitude toward sustainability in their daily life consumer decisions also have a stronger attitude toward green finance. However, a positive attitude is not enough to choose a ‘green’ product. The research empirically supports that subsidy policy and promoting financial and ecoliteracy together would strengthen the demand for green financial products.

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