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Baby boomer charity lift expected

19/09/2007

The amount of money left to charitable organisations in Britons' wills is expected to increase fourfold over the next 40 years.

A new report says that by 2050 the UK's legacy market will be worth £5.3 billion, compared to the £1.6 billion it currently stands at.

According to Legacy Foresight, which conducted today's study on behalf of 28 charities, the boon to charity donations will be led by the baby boomer generation.

It claims that research shows the adage that people between the ages of 45 and 60 are spending their children's inheritance funding lavish lifestyles is a misconception.

"Thanks to the large size of the boomer generation, and their substantial accumulated wealth, we are predicting good growth in the legacy market over the next 50 years," Meg Abdy, project manager at Legacy Foresight, said.

Ms Abdy explained that baby boomers are giving "considerable" sums of money to both their offspring and charities before they die.

Commenting on today's study, the director of Remember a Charity, a consortium representing 140 charities, said: "This fascinating research report outlines the new challenges for legacy fundraisers in reaching out to the baby boomer generation."

Jonathan Parris added: "It is clear that charities will need to influence several completely different audiences if they are to maximise their future legacy income.

"Those charities that take the long view and communicate most appropriately and consistently to these audiences will take the prize of increasing their share."