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One in four people expect to give less this Christmas, bank research shows

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One in four people expect to give less this Christmas, bank research shows

One in four people (24%) intend to donate less to charity this year than in 2016, while 12% anticipate they will give more, according to research from Cambridge & Counties Bank.

Nearly half (47%) expect to donate around the same amount as last year. Asked why they will donate less, 39% said the main reason was because their disposable income has fallen, and 36% said it was down to their cost of living rising.  One in four (24%) said it was a result of other personal circumstances changing, meaning they have less money.

Change in donations to charities during 2017 when compared to 2016Percentage of UK population
Up to £50 less15%
Between £51 and £100 less6%
Between £101 and £200 less2%
Over £200 less1%
Up to £50 more5%
Between £51 and £100 more3%
Between £101 and £200 more2%
Between £201 and £300 more1%
Over £300 more1%
About the same as last year47%
I don’t donate to charities11%
Don’t know7%

 

The bank suggests that charities ensure they are receiving a competitive interest rate on cash deposit accounts to help counteract any fall in donations. It has found that many returns on cash deposit accounts for charities are offering low returns, with 30% of deposit accounts for charities paying 0.1% Gross AER or less on balances of £10,000 or over, and 13% offering less than 0.1% Gross AER on balances of this size. Its research also shows that less than 1% of deposit accounts open to charities are paying 1.00% Gross AER or more.

Rachel Curtis-Bowen, Chief Customer Officer at Cambridge & Counties Bank said:

“The cost of living for many people is rising and our research shows that for many this means they will be donating less to charities this year. Charities rely heavily on donations and if they see a drop here it could adversely affect the services and help they provide to millions of people.

“However, charities can offset the impact of any fall in donations by making sure that the interest rate they receive on their cash deposits is competitive, and if it’s not they should be prepared to switch to a different provider or account.”

1,050 people were surveyed for Cambridge & Counties Bank by market research company Consumer Intelligence.

 

Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com.

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