Tired of Big Banks? Survey Finds Locals Craving Banking That Gives Back
Wessex Community Bank uncovers a strong shift toward ethical, community-first financial services as residents seek fairer, more meaningful ways to manage money.
A new survey by Wessex Community Bank has revealed that a growing number of Portsmouth, Gosport and Fareham residents want something different from their banks: a financial partner that puts people and community first.
At a time when many households feel the pinch of the cost-of-living crisis, the survey showed that 79% of respondents would prefer to save and borrow with an organisation that reinvests profits into local projects instead of shareholder dividends.
Meanwhile, 83% were enthusiastic about financial products that encourages positive saving habits, such as Wessex Community Bank’s savings-linked loan, which helps members build savings while repaying loans.
Why are people turning to community banking now?
In conversations, one message came through loud and clear, people want banking that supports them. Only 12% of respondents said they were confident that their current bank acts in their best interest, while 76% believe that large banks prioritise profit over customer care. In addition, 86% expressed ongoing concern about their household finances amid rising living costs.
What are customers looking for?
“People aren’t just looking for cheaper loans or better rates, they want banks that stand for something,” said Gary Moran, CEO of Wessex Community Bank. “They want transparency. They want help building financial resilience. And they want to know their money is doing good in the community.”
Are Buy Now, Pay Later (BNPL) schemes filling the gap?
The survey also revealed that 48% of local consumers had used Buy Now, Pay Later products. While these services are popular for their convenience, they remain largely unregulated, which means they may not provide the same safeguards or transparency as traditional banks.
How does community banking make a difference?
Wessex Community Bank’s model offers an ethical, not-for-profit alternative. Its profits are reinvested in local communities through the Wessex Community Bank Foundation. The Bank offers innovative products like the savings-linked loan, which helps members build financial resilience with every repayment, and operates under the same regulatory protections as mainstream banks, giving customers peace of mind.
“This survey confirms what we’ve believed for some time,” said Gary Moran. “People want their banks to work alongside them, helping them manage life’s ups and downs while contributing to stronger, more resilient communities. Our mission is simple: people before profits.”
Wessex Community Bank is a member-owned, not-for-profit financial institution based in Fareham and serving communities across central southern England. Its mission is to promote responsible lending, good savings habits, and strong local communities. Through its charitable foundation, the Bank channels profits back into grassroots projects ranging from financial education programmes to local wellbeing initiatives.