DUCA Study Confirms Corporate Social Responsibility Influences Ontarians' Buying Decisions
TORONTO, Nov. 17, 2015 /CNW/ - A survey conducted by GTA-based DUCA Financial Services Credit Union and ValidateIT, a market research company, reveal that the vast majority of Ontario adults expect business to be socially responsible and that this influences their buying decisions, it was announced today.
Ontarians over 18 years of age were asked about their views of corporate social responsibility (CSR). Results showed that four out of five people have a positive perception of a company that demonstrates social responsibility, and 75 per cent would be more likely to purchase a product or service from a company that they believe is socially responsible.
However the survey also revealed a credibility gap when it comes to CSR. The study showed that although Ontarians tend to support companies that are socially responsible, there is a healthy skepticism among many who feel that CSR is a marketing gimmick.
"We know that corporate social responsibility isn't just a marketing exercise; it's part of our DNA," said DUCA's President and CEO Richard Senechal. "That's why we are defining what it means to offer Fair Trade Banking and are so proud to have recently been awarded B-Corp certification."
B-Corp certification is awarded only following a comprehensive assessment of transparency and social, environmental and community performance. Most businesses achieve a score of 51 points. DUCA scored 92.8 points and was Canada's first ever credit union to become B-Corp certified in July 2015.
Assessment was carried out by B Lab, the not-for-profit organization behind a global movement to redefine business success to include a measurement of an organization's social and environmental impact in addition to its profitability.
What Corporate Social Responsibility Means To Ontarians Survey key findings:
- The term Corporate Social Responsibility is widely understood. Overall, nearly half of Ontarians over 18 years of age are familiar with the term.
- Companies that are socially responsible tend to generally be seen in a positive light, but there is a healthy community of skeptics who feel CSR companies can be self-serving and the information they provide is biased.
- The vast majority of Ontarians, four out of five, say they have a more positive perception of a company that demonstrates that it is socially responsible.
- Three quarters say they are more likely to purchase a product or service from a company they believe is socially responsible.
- Less than half of those surveyed said they trust a company that claims to be socially responsible.
- Women are more likely to trust a CSR company than men. Fifty-one per cent of women who responded to the survey say they find CSR claims to be somewhat or very trustworthy. Only 38 per cent of men surveyed felt the same.
- Senior citizens can be the most skeptical of CSR claims. Twenty-eight per cent of people over 55 years of age who responded to the survey said they find CSR claims to be somewhat less trustworthy or not trustworthy at all.
The survey was conducted in mid-August using the ValidateIT platform. Respondents including 248 adults, aged 18 and over, across Ontario. Representative distribution is assured across demographic groups by pulling respondents from the Google Opinion Rewards system and the survey is accurate to +/- 6.22% at 95% confidence level.
DUCA provides Co-Operative Banking as an alternative to traditional banking institutions. Recognized for its efforts to impact the community and environment in a positive way. DUCA is designed for Canadians who want Fair Trade banking™: simple, low-cost community banking for people who care about making a difference in their world and in their community.
For complete details on DUCA's B-Corp Certification and what it means for the community, visit DUCA.com.
DUCA was formed in 1954 and has grown from a single branch credit union in Toronto to 15 branches across Southern Ontario and nearly 50,000 Members.
DUCA Financial Services Credit Union Ltd. (DUCA) provides innovative Co-Operative Banking as an attractive alternative to traditional banking institutions. Designed for Canadians who want Fair Trade banking™ - simple, low-cost community banking for people who care about their world, their community, and making a difference. With high interest savings and low-cost loans, DUCA exists to help people do more, be more, and achieve more with their money and their lives. To find out how, visit; www.DUCA.com.
Image with caption: "Duca Financial Services Credit Union (CNW Group/DUCA)". Image available at: http://photos.newswire.ca/images/download/20151117_C7902_PHOTO_EN_545654.jpg
For further information: Abby Radovski, Consultant, Thornley Fallis Communications, (416) 515-7517 ext 328, Radovski@thornleyfallis.com