Latest Legacy Foresight report
28/10/2019 - Legacy and in-memory donations to UK charities will be worth twice as much in real terms in 25 years’ time, reaching £10 billion by 2045, according to a report launched at the Institute of Fundraising 'Legacy Fundraising conference' by Legacy Foresight.
The number of gifts left to charities in Wills each year will grow from 120,000 today to 200,000 in 2045, it says, due to more deaths, more Will-making and a higher proportion of people leaving bequests.
The growth will be driven by the large, mainly affluent baby boomer generation (born between 1946 and 1964) who will be in their eighties and nineties by 2045.
According to the Legacy Foresight‘s report, legacy and in-memory giving are worth £5 billion a year to British charities (£3 billion and £2 billion respectively) – a tenth of total income, based on NCVO figures.
NCVO - UK Civil Society Almanac 2019
According to the NCVO (UK Civil Society Almanac 2019), half of the money from the public (50%) is ‘voluntary income’ in the form of donations, such as bucket collections or direct debits, and legacies.
Legacies continued to grow while donations dropped slightly.
The amount of money from the public has seen a slight dip for the first time since 2008/09.
In 2016/17 it fell slightly by 1%, from £23.2bn to £22.9bn.
Despite an overall drop, income from the public was up for super-major organisations (due to significant growth in legacies) and large voluntary organisations, for which income from the public grew across all types (donations, legacies, earned).
Micro and small voluntary organisations are the least likely to receive legacy income.