The cost of a social conscience

Ethical issues are a must and not a maybe in today’s society. But new figures from Family Investments find that being an ethical parent is not only heavy on the conscience, but also on the purse.

It can cost an extra £700 in the first year to buy eco-friendly baby essentials – with the choice between ‘ethical’ and standard versions of nappies and baby food topping Family’s poll of parent’s top ethical concerns. Given that parenthood is an expensive time, many could be putting off saving the planet for saving their pounds!

On top of the ordinary stresses of parenthood, an increasing number of new parents are concerned about how environmentally active they are when it comes to bringing up their children. Recent research conducted by Family shows that almost half (42%) of the parents interviewed are concerned that they should be using ethical products when bringing up their children. However, it seems that a social conscience comes at an additional cost and clearly the desire to be green isn’t an easy option for cash-strapped parents.

Parents’ top ten ‘ethical’ concerns

Family Investments asked parents what they considered to be their biggest worries when it comes to being a ‘green’ parent. While the debate of formula over breast milk topped the poll, concerns over whether to use standard or renewable energy in the home are on the rise.

Top ten active concerns for parents
1 Breastfeeding vs. formula milk
2 Disposable vs. reusable nappies
3 Standard vs. organic baby food
4 Hospital birth vs. home birth
5 Standard toiletries vs. ‘free from’ toiletries not tested on animals
6 Private vs. state education
7 Private healthcare vs. NHS
8 Standard vs. renewable energy
9 Standard toys vs. non toxic toys
10 Standard vs. non toxic paint and furniture

The second biggest concern for new parents trying to be ‘ethical’ is choosing the right nappy variety. Parents are forced to pay more than twice the price when buying eco-friendly nappies; given that the majority of parents (22%) are only willing to pay around 50p more for a packet of ‘ethical’ nappies, it appears that the economy rather than the environment will ultimately win out. This is unsurprising, as new born babies go through an estimated 2,000 nappies in their first year.

But being ethical doesn’t have to cost the earth!

The increasing popularity of ethical products has reached the world of personal finance. For instance Family Investments now offers an ethical CTF – an easy way for parents to make a ‘green’ decision, without the additional cost often encountered elsewhere. A large proportion of parents (64%) have said they would choose such an ethical CTF over a standard one if the terms and prospective returns were the same. Family’s ethical CTF has been designed to meet this need, by providing parents with a way to save for their child, safe in the knowledge that their money is not being invested in companies they believe are engaged in ‘unethical’ activities.

John Reeve, Chief Executive of Family Investments said: “The cost of being a parent is growing and the added pressure now of choosing ethical or organic products can overwhelm parents living on stretched budgets, especially as families learn to cope with the cost of a new baby. Family Investments hopes to ease one of the many decisions facing parents by offering an ethical Child Trust Fund that can help parents build up a worthwhile sum, without sacrificing their desire to be ‘green’.”