Research highlights potential for legacy giving with majority surveyed never considering it
Melanie May | 22 February 2024 | News
Just 7% of people surveyed by law firm Shakespeare Martineau say they have formalised leaving a gift in their Will, while almost three quarters (74%) haven’t thought about it all.
In addition, the survey of 1,000 people found that a further 1 in 6 (16%) people have thought about leaving a legacy gift but have not made any formal provisions. This was similar across various age groups, with those aged 35-44, 45-54 and 55+ exhibiting similar levels of contemplation (14%, 17% and 14%, respectively).
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Commenting on the findings, Gaynor Lanceley, head of legacy administration at Shakespeare Martineau, said:
“While the majority of people have not thought about leaving a gift to charity in their will, the proportion of individuals considering such provisions suggests there is a clear appetite in doing so.
“However, there remains a significant gap between intention and action – underscoring the importance of raising awareness about legacy giving and its benefits.”
Childless adults (26%) are more likely to have thought about leaving a gift to charity in their will compared to parents (22%). Additionally, respondents from non-white ethnic backgrounds are more predisposed towards considering charitable bequests (32% compared to 22% of white respondents).
16% of those earning more than £75,000 said they had made provision to leave a gift in their Will, compared with 4% of individuals earning £15,000 or less.
Lanceley added:
“Legacy is an income stream that often gets overlooked in favour of other areas in a bid to bring in essential funds more quickly. However, investment in legacies really can produce a much higher return on investment and good stewardship of donors can also promote lifetime giving.
“Our research shows there is a clear opportunity for charities to increase their focus on legacy giving to attract donors, which will, in turn, enable them to continue providing the crucial services and support so many people rely on.”
According to Smee & Ford figures, charity legacy income rose by 8% to £3.9bn in the year to the end of June 2023.
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.