One in five charities say that a lack of knowledge about legacy fundraising is preventing them from achieving the most from the income stream, according to a new survey.
A lack of knowledge came in as the most common reason charities identified as a barrier to legacy fundraising in a survey into the method by consultants Wootton George. A further 16 per cent of the 52 charities surveyed said that a lack of internal capacity held back their legacy fundraising, while a short-term fundraising outlook came in as the third most common hurdle.
Simon George, from Wootton George, said that the survey authors had expected the barriers to line up in a different order.
“We had expected to see more prominence given to a lack of strategic focus and short term thinking, especially in a recession,” he said.
Legacy income has taken a battering as a result of the economic downturn, with the amount raised by gifts in wills falling consistently since a high in 2008.
For many charities, however, it is money they get without any effort. At a third of the organisations responding to the survey, legacies continued to trickle in despite a total lack of legacy marketing. Only 43 per cent actively sought legacies from their supporters.
Survey respondents suggested that boosting staff capacity, adopting a more strategic approach to legacy fundraising and better education about the method could help to improve the amount their charities received in bequests.
Legacy fundraising held back by lack of knowledge
One in five charities say that a lack of knowledge about legacy fundraising is preventing them from achieving the most from the income stream, according to a new survey.