Michelle Wright's latest article as part of our 'Fundraising for the Future' editorial partnership with Arts Professional has been published today, on the subject of charitable legacies - a neglected area of fundraising.
Michelle writes: "If there is any opportunity in fundraising at the moment, it’s in legacy giving. In the UK, over 80% of household wealth is held by the over-45s. The slightly older baby boomer generation (people born from 1946 to 1964) currently has more wealth than any previous generation; the majority of which is held in property and pensions. Average UK house prices reached a record level of £250k at the end of 2020, a rise of 48% over the last ten years and pension reforms have enabled investors to increase their savings for retirement."
"This perfect storm of high interest rates, property and pension reforms has meant the next generation of beneficiaries are set to inherit more overall wealth than any generation before them. As such, charitable legacy income is expected to bring in an average of £4.2bn per year, Legacy Foresight has predicted. This is a 26% increase on the average legacy income from the previous five years, with charities seeing an average of 134,000 -137,000 bequests per year over the next five years."