MSIG study sheds light on sustainability attitudes in 2023
MSIG study sheds light on sustainability attitudes in 2023 | Insurance Business Asia
Environmental
MSIG study sheds light on sustainability attitudes in 2023
Company explores gaps between environmental concerns and sustainable living
Environmental
By
Roxanne Libatique
MSIG has shared insights from its Sustainability Awareness Survey conducted in 2023, shedding light on public perceptions regarding climate change and its potential impact on future lifestyles.
The study revealed that a significant majority, 83% of those surveyed, foresee climate change influencing their daily lives within the next decade. However, a third of the respondents cited difficulties in adopting eco-friendly habits, with inconvenience being a primary deterrent.
The survey also showed that concern over climate change is widespread, with two-thirds of participants expressing worry to some degree. Notably, individuals in the age brackets of 25 to 34 and those over 65 are more concerned than other groups.
39% actively seek to lead a sustainable lifestyle and promote the same within their circles
23% adopt sustainable habits to reduce expenses
17% consider themselves staunch proponents of sustainability, driven by the belief that their current actions have long-term implications for future generations. This perspective is most common among Generation X and Baby Boomers
a minority, less than 10%, reported adopting sustainable lifestyles influenced by social factors
Most common eco-friendly practices
The survey further highlighted the most prevalent eco-friendly practices among respondents, including reducing consumption and waste, limiting the use of single-use plastics and packaging, and favouring environmentally friendly transportation options.
Barriers to sustainable living
Nonetheless, the primary barrier to sustainable living is the perceived inconvenience and time required, as indicated by 35% of those surveyed. Other obstacles include cost, cited by 29%, a lack of information (15%), and a belief among 12% that individual efforts are inconsequential.
Reflecting on the survey results, MSIG, which enhanced its motor insurance scheme to enhance protection for green vehicles, said: “The survey showed that many are concerned about climate risks, with 2 out of 5 making conscious effort to live a sustainable lifestyle. The survey sentiments highlight areas of opportunities for brands to consider providing avenues and options for consumers to be more sustainable and address practical concerns around cost and convenience.”
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