A recent study commissioned by WNPC and conducted by YouGov has found that almost half of Millennials and Generation X are planning to leave a charitable legacy in their Will.
It is widely known that Millennials and Gen X provide significant support to charities, including fundraising via online giving platforms and appeals on social media. However, this study highlights the importance of harnessing the enthusiasm of younger generations, asking them to plan ahead and to consider leaving a gift to your charity in their Will.
The study, “Lifelong Legacy: The Value of Will Donations from Millennials and Gen X”, which surveyed 250 Millennials (aged between 26 and 40) and 250 individuals belonging to Gen X (aged between 41 and 55) found that 44% plan on leaving a gift to charity in their Will and yet only 3% of Millennials and 9% of Gen X have decided upon the charity they wish to benefit.
Of those surveyed, 87% of Millennials and 70% of Gen X had not yet written their Will. Older generations are more likely to be planning for the future and, as a result, legacy marketing has traditionally been focused on older people. However, as we emerge from the pandemic, the past two years have undoubtedly focussed people’s minds and highlighted the importance of planning ahead for all ages.
What is clear is that both Gen X and Millennials have a strong desire to give something back to society. Now is the time to look to the next generation of legacy donors in order to engage and inspire, securing the future of charities for generations to come.
More information on the study, “Lifelong Legacy: The Value of Will Donations from Millennials and Gen X”, can be found here.
If you have any queries in relation to the above or would like further information, please contact Alice O’Mahony at firstname.lastname@example.org.