BaFin Survey on Sustainable Financial Products: Consumers Demand Clear Rules and Transparency

The German Federal Financial Supervisory Authority (BaFin) conducted a representative online survey in June 2025 to assess consumer attitudes toward sustainable financial products. The findings highlight strong consumer interest in sustainability, accompanied by clear expectations for transparent information and regulatory clarity.

Key Survey Insights

• Consumer Interest: Approximately 65% of the 1,528 respondents expressed interest in sustainable financial products, with 39% somewhat interested and 26% strongly interested.
• Definition of Sustainability: Consumers largely reject financial products lacking clear environmental, social, and governance (ESG) goals. Products must have explicit sustainability objectives to be considered credible.
• Demand for Transparency: Nearly all consumers want sustainability information upfront, with 60% insisting on clear disclosure before contract conclusion.
• Avoiding Greenwashing: About 70% would feel deceived if investments included controversial sectors like weapons or companies involved in severe human rights violations.

Consumer Expectations for ESG Products

• Human Rights Exclusion: Two-thirds favor excluding products associated with human rights violations.
• Other Exclusions: Over half want exclusions for sectors such as controversial weapons and coal-fired power.
• Sustainable Investment Threshold: At least 40% of invested capital should support sustainable initiatives or the transition to a sustainable economy.

Views on EU Sustainable Finance Disclosure Regulation (SFDR) Categories

The EU is revising the SFDR to introduce clearer ESG product categories. Survey respondents rated these as follows:

• Sustainable Financial Products: 80% found products investing exclusively in ecological or social activities (e.g., wind farms, hospitals) credible.
• Transition Products: Over 50% accepted products financing the shift to sustainability (e.g., moving from fossil fuel to climate-neutral energy).
• Exclusion Products: Only 40% regarded products based solely on exclusions as sustainable.
• Mixed Products: Less than 30% viewed mixed-category products (combinations without fixed proportions) as sustainable.

Implications for Sustainable Finance

BaFin’s survey underscores that German consumers prioritize clear, honest, and meaningful sustainability claims in financial products. The ongoing EU SFDR reform presents an opportunity to enhance transparency, promote consumer trust, and avoid greenwashing in sustainable finance.

Additional Resources

• BaFin Questionnaire on Sustainable Financial Products (PDF)
• Presentation on Sustainable Products: Minimum Proportion of Sustainable Investments (PDF)

Source: BaFin, Survey on sustainable financial products (October 14, 2025)
Link: BaFin Official Report

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