More than one in four donors aged 40 and over have either included a charity in their will or are preparing to do so, a study from legacy consortium Remember A Charity has found.
This represents a 6% increase compared to ten years ago. The study is based on an online survey of 1,000 adults carried out by the research consultancy nfpSynergy.
Legacy giving on the rise
According to the survey, 17% of charity supporters aged 40 and over have included a charity in their will and a further 10% are preparing to do so. This means that in total 27% of donors in that age group are planning to leave a legacy, compared to 21% in 2010.
The survey found that the number of people who are unaware of legacy giving has almost halved over the last decade, going from 20% in 2010 to 11% in 2019.
There is also a slight decrease in the portion of donors who reject the idea of leaving a legacy to charity altogether, down from 12% in 2010 to 9% in 2019.
Legacy associations estimate that the legacy market is now worth more than £3bn a year. Last month, Legacy Foresight adjusted its legacy giving predictions, announcing that between 2019 and 2024 legacy giving will grow £500m more than previously expected, reaching £3.9bn a year.
Charities are communicating legacies ‘creatively and sensitively’
Rob Cope, director of Remember A Charity, said: “We’re continuing to see growth in legacy giving over the long term, which is fantastic news for charities across the sector. It’s clear that there’s a real appetite for supporters to do something meaningful for good causes at the end of their lives, and that charities are communicating legacies well; creatively and sensitively, demonstrating how important they are in funding vital services.
“Legacy growth is being driven not only by charities communicating their own legacy case for support, but their willingness to work together to grow the market. Having a proactive and collaborative approach to legacies is critical if the sector is to succeed in normalising legacy giving and increasing the income pot so that there every charity can benefit.
“There’s still a misconception amongst many that you have to be wealthy to write a charity into your will or that you can’t leave a gift if you want to take care of your family and friends. So, we’ll be working hard to continue to address those myths this year and to support the sector in opening up conversation around legacy giving.”
