Charities in the UK receive between £1.8bn and £2.4bn a year through in-memory fundraising, according to new research by Legacy Foresight.
The In-Memory Insight – Remembering Together report shows that the in-memory giving market has grown “significantly” over the past decade and is “a lot larger than charities appear to be recording”.
Legacy Foresight looked at the size, shape and scope of in-memory giving in the UK, collecting data from activities of more than 2,000 members of the UK public and a “learning circle” of 48 leading British charities. The report finds that group in-memory fundraising, when three or more people fundraise in memory of someone they have lost, is on the rise, totalling 41% of in-memory income.
The backlog of cases at the probate service appears to be “getting worse” despite efforts to clear it, a Legacy Foresight economist has said. Speaking at ILM annual conference on Monday, Jon Franklin said that HM Courts & Tribunals Service (HMCTS) “hasn’t been clearing as many cases as it was at this time last year”, with an estimated backlog of around 50,000 cases in the first quarter of 2023. –
See more at: https://www.civilsociety.co.uk/news/probate-backlog-getting-worse-despite-extra-staff-legacy-expert-warns-charities.html#sthash.dx3cvqyZ.dpuf
Giving reached £136million in 2020/21.
The growth and breadth of the Scottish legacy market for charities underlines the importance of investing long-term in this fundraising stream, a new report has claimed.
The Scottish Legacy Market Report 2023 was produced by Remember A Charity, a consortium of UK charities working to promote charitable gifts in Wills amongst the British public, and Legacy Foresight, the UK’s legacy and in-memory sector specialist analysis firm.
Charity income from legacy giving for the whole of the UK reached £3.85bn in 2022, and is set to remain resilient over the coming years according to new analysis from Legacy Foresight.
Its forecasts suggest that charity legacy income will continue at around the same level for the next few years, despite ongoing economic challenges. This is because, while a subdued economic environment is likely to drive reductions in the average value of residual gifts over the next couple of years, other factors should keep annual legacy income stable, with a long-term upward growth trajectory.
Charity Digital have recently featured the Legacy Monitor in a list of the best benchmarking and digital reports for fundraising.
Meg Abdy offers her top tips on how to adapt legacy fundraising to changing consumer behaviours.
Legacy giving is undoubtedly one of the fundraising success stories of recent times. Over the past 30 years, real legacy income (after inflation) has trebled in value, set to reach a record £4bn per annum by the end of 2022, and is expected to grow strongly over the next three decades. At Legacy Foresight, we forecast that legacy incomes will double in real terms (after inflation) by 2050. –
See more at: https://www.civilsociety.co.uk/fundraising/how-to-adapt-legacies-to-new-trends-meg-abdy.html#sthash.tccAyuzg.dpuf
Total UK legacy income grew from £800m in 1990 to £3bn in 2020, a doubling in value in real terms
Legacy incomes will reach £5bn a year by the start of the next decade, new figures show.
Research by the charity legacy consortium Legacy Foresight estimates legacy income will be worth £19.6bn between now and 2025 and climb to £23bn in the second half of the decade.
The consortium predicts that charities will receive £5bn in legacy income in 2030 from 146,000 bequests.
Total UK legacy income grew from £800m in 1990 to £3bn in 2020, an annual growth rate of 4.5 per cent a year, it said.
After considering inflation, income is up by 2.7 per cent a year, which means that the real value of gifts in wills to UK charities has doubled over 30 years.
Over the same period the number of charitable bequests rose by almost 50 per cent to 112,000 in 2020.
Legacy Foresight said that because of the size, wealth and lifestyles of the Baby Boomer generation, legacy incomes are expected to double again in real terms by 2050.
The consortium estimates that 40 per cent of all UK deaths result in a will at probate and 16 per cent of those wills at probate are now charitable.
On average, there are 3.3 charitable gifts per will, as 38 per cent of charitable wills contain just one bequest and 28 per cent include four or more.
Legacy Foresight also found that more specialised and often local cause areas are gaining ground.
Over the past 10 years, the fastest-growing sub-sectors have been air ambulances (14 per cent a year) and wildlife trusts, followed by arts and education charities, NHS hospitals and mental health charities.
Legacy notifications are expected to reach record numbers in 2021 and 2022.
A report published at the end of last month by Legacy Foresight revealed legacy income growth in Scotland had outstripped the rest of Britain over the past five years.
Each week, 47 people in Scotland leave a gift to charity in their will
Charities in Scotland are raising more than £90 million a year from gifts in wills, a new report has revealed.
Remember A Charity, Legacy Foresight, the Institute of Legacy Management and Smee & Ford have partnered to publish a study on legacy giving in Scotland.
The new report, Building back stronger with charitable legacies, explores the role of legacies for Scottish charities in the current environment, featuring new market data and commentary from experts in the field.
It reveals that legacy income to Scottish charities has been growing at an average of 7% per year, exceeding the 4.6% average growth rate for charities in England and Wales. A vibrant legacy market, around 500 Scottish charities benefit from gifts in wills each year and almost two thirds of those are smaller charities and community-based organisations (64%).
Although it is estimated that just 50 registered Scottish charities generate the lion’s share (70%) of legacy income, the market is broadening. From 2013 to 2018, there was an 18% increase in the number of Scottish charities named in wills.
Each week, 47 people in Scotland leave a gift to charity in their will. However, consumer polling indicates that there is far greater growth potential, with 42% of people in Scotland aged 40+ saying they would be happy to give in this way.
You can also access the full report here.