Seven in ten among older wealthy generations stated the millennial generation is leading the family towards ESG and sustainable investments.

In addition, four in five of all generations of HNW family members indicated that responsible investing is important. The same number also said that they have already changed their investments to express more of their beliefs in social and environmental responsibility.

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This is according to Barclays Private Bank and its research paper Smarter Succession: The Challenges and Opportunities of Intergenerational Wealth Transfer.

According to the research, 68% of older HNWIs say their children have been driving the family on sustainable investments.

11% of all generations said that having a positive environmental impact is a top personal aim. Furthermore, 37% strongly agreed that responsible investing is important to them.

This shift is highest in the UK (83%) and the Middle East (82%). India is lower in comparison, but still with 62% investing with social and environmental considerations.

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For those not investing in this way, 22% of the elder generations would to find out more about their options. Also, 19% of the generation are interested in understanding more about investing specifically in ESG.

Damian Payiatakis, head of sustainable and impact investing, Barclays Private Bank said: “Our research shows how the younger generations, who have been engaged longer with sustainable investing, are providing a vocal impetus within their families to shift the perspectives of older generations.

“As well, most of the narrative around sustainable investing focuses on the benefits for your portfolio alongside people and planet. Now, we can see its potential benefits for aligning your family around shared values and supporting intergenerational wealth transfer.

“With the heads of the families thinking about succession planning and investing beyond their personal lifespan, our conversations has extended to include how sustainable investing can secure their children’s future, their readiness to inherit family wealth, and a common ground for family discussions around wealth.”