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Who Cares About ESG Investing?

A broad swath of investors, apparently.

Sustainable investing--the use of environmental, social, and governance factors to assess investing alternatives--is often discussed in the industry, including on Although most investors are aware of this development, it isn’t always clear how widely sustainable investing is being applied or what groups of investors are particularly interested in it.

A common belief, promoted by some prior work in the field, is that millennials and women are the primary drivers of the new interest. At Morningstar, we wanted to better understand the profile of ESG investors and found that interest in sustainable investing is much more diverse. Three of our behavioral researchers, Ray Sin, Ryan Murphy, and Sam Lamas have just released a research paper with their findings, titled The True Faces of Sustainable Investing. Here’s a quick summary of their results.