Generation X and Baby Boomers are “putting off making important decisions”, such as making a will and leaving a legacy pledge to a charity, due to “uncertainty around the economy”, a report has revealed.

This is driving “short term thinking” among these generations, which covers those born between 1945 and 1980.

They are reporting that “things seemed too uncertain at the moment to make commitments for the future”.

Those in Generation X, born between 1965 and 1980, are “feeling the squeeze more than their Boomer counterparts and are more pessimistic about economic prospects”, found the analysis by Legacy Futures.

This age group is less likely to have made a will than among Boomers at the same age.

“With many having dependent children at home, Gen X are more likely to be thinking carefully about how they spend their money,” found the research.

“Their main aim is to try to hold on to what they had and to save planning for the future for when things feel more certain.”

The analysis also found Generation X is set to be a key group for charity legacy teams over the next three decades.

By 2050 deaths are set to rise by almost a third to reach 825,000. While this is largely driven by an ageing Boomer population, two in five deaths by this year will be among Generation X.

While Generation X looks to similarly wealth to Boomers were at the same page, the profile is different, towards more pensions and less property.

Also, there is a greater polarisation of wealth among Generation X, with the top quarter of earners holding 70% of the wealth, compared to 65% among Boomers.

Another change is that Generation X are “considerably more ethnically diverse” than Boomers. One in five Generation Xers below to a global majority group, compared to one in 12 Boomers.

“As time moves on, charities also need to understand the changing generations and make sure they are engaging them on their terms,” said Legacy Futures chief executive Ashley Rowthorn.

“This latest research helps charities develop long-term programmes, including how to tailor their messaging, develop their storytelling and demonstrate impact.

“The research shows why charities cannot take the same approach with all supporters, bearing in mind the vast differences in attitudes and behaviours.

“Understanding generational differences aids charities in formulating their communication messaging and content choices, leading to more positive outcomes for all.”

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