It’s Eco Don’t Y’Know… Top Tips For Living Sustainably
Living sustainably is on everyone’s mind at the moment. With extensive heat waves followed by flash floods around the world, scientists are saying that it’s all to do with global warming. So we all need to do our bit to help out. But does that mean that we need to live off-grid and wash in a river? Not at all, but there are some important changes you can make to your lifestyle. Even the millionaires are doing it.
Private bank, wealth manager and certified B Corp, Coutts surveyed a group of millionaires (1,000 UK high-net-worth individuals aged 18-65+ years with investible assets of £1 million or more)*, to see how the youngsters (18-44 yr olds) in the survey are turning the tables on traditional luxury to opt for a greener lifestyle. And the good news is, we can learn from them. You don’t need a large estate or a significant amount of land to contribute to clean living – even the smallest budgets and homes could support sustainability.
At home
You might be in line to inherit a grand estate or perhaps just an old wheelbarrow from your grandmother. Either way, there are numerous ways you can make your home more sustainable. According to Coutts’ survey, almost a quarter (24%) of young millionaires** have made changes to their land to make it more sustainable and are planning rewilding and other land management projects over the next 12 months. Here are some more ways Coutts clients are making a difference:
- Installing solar panels: to provide clean, green energy that doesn’t use fossil fuels. 24% of young millionaires** do this, compared with 11% on average***.
- Installing air source heat pumps: this is a low-carbon way to heat your house by absorbing heat from the outside air which is sent to radiators or underfloor heating, while the remainder is stored. 21% of young millionaires** do this, compared with 4% on average***.
- Switching to sustainably sourced or recycled materials – 42% of young millionaires** do this, compared with 11% on average***.
- Adding energy-efficient measures such as insulation: to save costs and use your heating as efficiently as possible. 30% of young millionaires** do this, compared with 14% on average***.
Other changes you can make, include:
- Replacing lightbulbs with LED versions: to reduce energy consumption.
- Aerating the shower to limit water flow: to save money on heating and water bills, as well as reduce energy or you could opt for a colder shower.
- Getting a smart thermostat system: to allow you to switch on the heating when you need it, and turn it off when you don’t, ensuring you don’t waste energy. It reduces the need to warm the whole house unnecessarily.
In the garden
According to Coutts’ survey, landowners aged between 18 and 44 are far more likely to consider rewilding or other sustainable land choices than their older counterparts***. As always, us youngsters are leading the charge. But it doesn’t mean you have to own a large estate to make a difference.
Coutts’ HQ is located on the Strand and they’ve transformed their skyline garden into a sanctuary for bees, plants and fresh produce. You don’t need a big space to create a garden. – Coutts’ chef, Peter Fiori, suggests a range of ways to make some simple changes:
- Growing plants to absorb more carbon dioxide: All plants absorb carbon dioxide, so the more plants we grow, the more carbon dioxide is absorbed. And it doesn’t have to be expensive – carrot seeds start from 75p.
- Watering plants during the evening: by doing this, your plants will continue to thrive, and you’ll save water. It is more efficient to water your plants during the evening than throughout the day.
Landowners aged between 18 and 44 are far more likely to consider rewilding or other sustainable land choices than their older counterparts.
- Growing your own food: this could significantly reduce the food miles of your meals and your carbon footprint. Even if you only have a windowsill, you could still grow herbs.
- Making your own compost: compost bins make good use of green waste from the kitchen. Soil mulched with compost holds onto nutrients and rainwater better, meaning less need to water and feed your garden.
- Installing bug hotels or hedgehog homes: this helps to encourage nature, plants and green spaces where you can.
Abroad
Travelling. It’s certainly not great for the planet, but who wants to give up on holidays? It’s a tricky conundrum. But as Coutts notes, there are a load of wealthy travellers who are making changes to their holiday plans in order to care for the planet. And if they can do it, so could you. Why not try starting here:
- Try to avoid flying: this helps to reduce carbon emissions from planes. Even cutting down the amount of holidays you take could help. Research shows that 23% of millionaires now try to avoid flying and 21% of millionaires take fewer breaks***.
- Only holiday in the UK or Europe: by reducing the length of your flight, you can cut down on the carbon emissions your lifestyle creates each year. Coutts research shows that 22% of millionaires only holiday in the UK or Europe***.
Other ways you could make greener changes to your holidays include:
- Booking off-grid holiday resorts: You can choose hotels and destinations that look after our planet better. There are a whole host of eco-resorts that use reduced electricity and run off no or low carbon emissions.
- Helping to support marginalised communities or endangered habitats: by supporting disadvantaged communities with eco projects, you can help raise awareness about the climate crisis and also build infrastructure to support generations and nature for the future.
Shopping
According to the survey, many wealthy shoppers are buying less and checking out the eco-credentials of the items they buy. Younger wealthy** people are far more likely to have changed their consumption patterns out of concern for the environment – so why not take their lead and make a few adjustments too, by doing some of the following:
- Buying fewer items: shopping for a fewer things, means that stocks go down and the need to make products that produce carbon emissions also reduces. Over a quarter (27%)*** of wealthy people are buying fewer items out of concern for the planet (rising to 36% in 18 to 44s)**.
- Buying more from small, local or independent businesses: by shopping from local businesses that source local products you help to reduce your carbon footprint. Coutts’ research shows that 25% of wealthy people are buying more from small, local or independent businesses***.
- Checking the ethical credentials of the products you buy: make sure that when a product says they’re green, that they are actually green. There are certain bodies and charities that have rigorous standards to meet. Coutts’ research shows that 11% of wealthy people check the ethical credentials of the products they buy***.
- Invest in sustainable and more durable options: one in ten of wealthy people*** only buy organic cotton, rising to a quarter of high-net-worth 18–44 year-olds**. By choosing natural materials, it means that any products or materials you use can naturally break down, rather than plastics which don’t break down.
Over a quarter (27%) of wealthy people are buying fewer items out of concern for the planet (rising to 36% in 18 to 44s).
So there we have it – a how-to guide of living sustainably and it comes from the best. Coutts puts sustainability at the heart of what they do. They were not only the 1st UK HQ’d Private Bank to become a Certified B Corp, but they ensure the way they manage their client’s finances is the right way – from responsible investing to green mortgages. Coutts is a wealth manager and private bank with three centuries of experience, providing customised solutions for its clients. These include discretionary and advisory investment management services as well as advice on philanthropy, family businesses, succession planning and commercial banking services to corporate clients. They could help provide you with sustainable financial options for your wealth that best suit you.
*Research commissioned by Coutts and undertaken by You Gov, in April 2022.
**Research taken from 18-44 year olds from the survey.
***Research taken from 18-65+ average from the survey.
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