Financial services making significant contribution to society, research shows

Research from the City of London’s governing body, the City of London Corporation, has shown that the UK’s financial and professional services sector is making a significant contribution to society.

The sector was found to be making contributions through volunteering, charity donations and funding, with education and economic development being among the supported causes.

Popular causes

The research showed that the UK’s financial and professional services sector contributed almost one million hours of volunteering time in 2017 and donated £534.5m to charity. This was £29.5m more than the amount given in 2008.

The City of London Corporation also revealed the most popular causes that the sector has contributed to, with education and young people being the most supported at 95%. Social welfare was also a top cause for financial services firms, with 79% supporting it, while health and economic development were supported by 63% and 50% respectively.

Among those in the sector that are making contributions is the Institute of Chartered Accountants in England and Wales’ President Paul Aplin, who launched a programme called Challenge Ten to encourage chartered accountants to give financial support so that the institute is able to offer ten new bursaries in countries such as Ghana, Malawi and Lesotho.

Positive change

Commenting on the contributions made by the financial and professional services sector, the City of London Corporation’s Policy Chairman Catherine McGuinness said: “We hope this work will strengthen public trust in the sector and above all, support communities and make positive change.”