Generation X central to legacy income growth, research suggests

Charity supporters in the 40s and 50s are more likely to include charitable gifts in their wills than those aged over 70, research has found.

The research by Remember A Charity suggests charity legacy teams should be targeting their middle-aged Generation X supporters, beneficiaries and volunteers, especially as people are increasingly writing their wills at an earlier age.

While three in ten of those aged over 70 had left a gift to a good cause in their will, this rises to more than a third among those aged between 40 and 59.

More than a third of volunteers leave a charitable gift in a will, as do around three in ten regular givers and those raising funds for good causes.

Just under one in four beneficiaries of charity support leave a gift, the research also found.

The research surveyed 2,000 UK charity supporters aged over 40 and also found that the average age to first make a will is 50, with three in four respondents from Generation X writing this before the end of their 40s.

Overall, more than one in five over 40-year-olds have included a charitable gift in a will, up from 14% 16 years ago.

A better awareness of online support among Generation X is a factor, the research further suggests.

Almost three in ten of those in Generation X would make a Will online or have already done so, compared to one in ten baby boomers and those older, classed as the Silent Generation.

Three in five of all respondents have left a charitable gift following a conversation with a professional advisor. Wealthy Generation X-ers, with assets of over £250,000 are the most likely group to seek such advice.

“Legacy giving has seen steady, long-term growth in the UK, becoming an increasingly vital source of income for charities of all sizes,” said Remember A Charity director Lucinda Frostick.

“Yet there remains significant room for growth. And this is particularly important at a time when other forms of giving are under real pressure.”

She added “By deepening our understanding of how different generations think about and engage with legacy giving, we have a powerful opportunity to bridge that gap, opening up new conversations and inspiring more people to take action and leave a gift.”