Legacy income increased by 1.8 per cent in the year up to March 2019 according to figures from Legacy Foresight. But growth has slowed year-on-year since 2013, reflecting the UK economy and house prices.
The income was measured across the consortium of 80 charities that make up 50 per cent of the legacy market. In the year to March 2019 members received a combined total of £1.52bn from legacies.
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Growth in charity legacy income is slowing but still positive, research by Legacy Foresight has found.
In the year to March 2019, Legacy Foresight found that its 80 legacy monitor members, which represent about half of the legacy market, brought in £1.52bn in legacy income, an increase of 1.8 per cent on the previous year.
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84% of charities expect to be investing more on legacy stewardship over the next five years, according to research by Legacy Foresight.
‘Understanding Legacy Stewardship’ was carried out by Legacy Foresight with 29 of its charity consortium members, including Alzheimer’s Society, RNIB, Guide Dogs, Macmillan Cancer Support, and Oxfam, who also funded the project. In it, Legacy Foresight set out to understand more about legacy stewardship from both the charities’ and the donors’ perspective, using a combination of detailed charity case studies and in-depth supporter interviews.
It found that interest and investment in legacy stewardship is growing with almost all of the 29 participating charities expected to be investing more resource on legacy stewardship over the next five years; 42% of them anticipated a lot more investment. Despite the growing interest, 46% felt that legacy stewardship does not yet have sufficient priority in their charity with a lack of hard evidence about what works, the return on investment and actionable strategies curbing organisational commitment.
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Total giving to the top 10 charities has grown by 2.4 per cent in three years, but this has mostly been supported by an increase in legacy income of 13.5 per cent.
Donations to the top 10 fundraising charities appear to have stalled over the past three years, but this has been masked by a growth in legacy income, analysis by Third Sector has found.
Total giving to the top 10 charities by fundraising income has grown by 2.4 per cent over the past three years, from £1.76bn to £1.8bn.
But Third Sector found this growth was mostly supported by a rise in the value of gifts left to charities in wills, while for many of the biggest fundraising charities other types of donations have fallen.
See more here or read the full article in the March/April 2019 issue of Third Sector magazine.
Legacy income fell 2.3% among Legacy Foresight’s consortium members last year, it has revealed.
Its latest Legacy Bulletin shows that its 80 Legacy Monitor members received £1.46 billion in legacy income in 2018, with an almost even split between those that experienced an increase, and those that saw a decrease, at 41 versus 39.
Bequest numbers have also dropped over the last three quarters, with numbers now totalling 54,325 for 2018.
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Legacy Foresight has launched an online platform that will let its consortium members track legacy supporter journeys, and help them gain a better picture of what works and doesn’t work.
Legacy Journey gives visibility of every consortium member’s legacy stewardship communications across all channels and all legacy segments.
Through the platform, unique seeds for each supporter segment are inserted into consortium clients’ databases with all communication channels opted in, including direct mail, email, SMS and telephone. The communications supporters then receive are scanned and uploaded to the Legacy Journey platform to be viewed immediately in its entirety.
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The latest figures on charitable gifts in wills have been released by Legacy Foresight today showing that the public’s legacy donations raised £2.96 billion for good causes in 2017 and are predicted to reach £3.4 billion by 2022.
Rob Cope, Director of Remember A Charity, says: “Legacy Foresight’s report underlines just how important charitable bequests are to the sector now and in the future, funding vital services across the country.”
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