HNWs & business owners continuing charity support despite economic uncertainty
Melanie May | 6 September 2023 | News
A survey by Rathbones Investment Management of 1,035 HNWs and business owners has found that one third have been supporting charitable organisations with regular financial donations over the last six months.
A further 30% have offered one-off cash payments to charitable organisations during this time.
Half (49%) of the HNWs (individuals with over £250K in investable assets) and business owners surveyed said they were concerned about their charitable donations over the next 12 months, with 16% very concerned. However, 31% have plans in place to pass their wealth on to charities, either by continuing to make regular donations or by establishing a legacy or foundation.
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HNWs and business owners in Aberdeen and Aberdeenshire were the most likely to continue making financial gifts to charity, with 42% saying they will do so in the future. In the North East of England, 34% of HNWs have plans to do the same, with 32% of those in the North West, South West and Greater London also hoping to make future donations.
Emma Watson, Head of Financial Planning at Rathbones Group plc, commented:
“Despite the difficult economic climate and uncertainty about future financial stability, HNWs and business owners have remained focused on philanthropic giving. The cost of living has tightened purse strings across the board, but it is encouraging to see a continued commitment to charitable giving, particularly at a time when charities need financial support more than ever.
“For anyone considering the future of their financial commitments, whether through charitable donations or by establishing a legacy or foundation, it’s important to ensure you have the funds you need to achieve your goals. Speaking to a financial adviser or planner will help you manage your wealth journey, whether it includes a one-off charitable donation, or a longer-term philanthropic plan.”
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About Melanie May
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 thepurplepim.com.