UK Survey On Bequests
19 June 2003 at 1:06 pm
Over a third of 50-65 year olds in the UK believe that charities are vital, yet few realise that money left to charities in wills is important, according to new research by Remember A Charity.
The survey, undertaken by NOP World, one of the world’s largest market research and business information companies, shows that while 35% believe the services run by charities are vital, over half (54%) believe that money left
to charity in wills is of little importance and 40% are not likely to include a charity in their will.
In fact, money left to UK charities in wills is worth £1.1 billion ($A3 billion!) each year representing over 40% of income for the top 10 charities. Currently, only 4% of the general public leave a donation to charity in their will.
In addition to providing for dependants, the performance of the stock market, the rising cost of long term care and the value of the pension market are all factors which might deter people from leaving money to charity in their will.
The survey, which was carried out in March 2003, shows that:
22% are very worried about the performance of the stock market
25% are very worried about the cost of looking after themselves in old age
34% are very worried about the decline in the value of the pension market
The survey also shows that current world affairs are prompting 1 in 4 of those who have not already made a will to do so, meaning that more people could leave money to charity in their wills.
Theresa Dauncey, the Director of Remember A Charity, says that a combination of economic factors, world affairs and the need to provide for dependants means that charitable income is under threat, which in turn will impact on the ability of charities to provide vital services.
Remember A Charity’s mission is working to raise awareness of ways in which to provide for family, make provisions for long-term care and still give money to a favourite cause. The organisation is supported by a consortium of 105 charities, working together to increase legacy income across the entire voluntary sector in the UK.
Remember A Charity has produced two Guides to provide help and advice on leaving money to charity in a will. The first has been written for a consumer audience encouraging people to think about charities in their will. The second is for professionals to encourage them to ask clients about their charitable donations and to encourage them to leave bequests.
The Guides are based on the UK experience but provide some helpful information that can translate into the Australian arena.
You can download the Will Guides at www.rememberacharity.org.uk
(footnote: just to put the UK figures into some perspective, the total annual charitable dollars raised each year in Australia is around $650 million with a population one-third the size of the UK!)