Legacy giving and younger audiences

Evidence is emerging that younger people are becoming more interested in writing wills as they prepare for later life.

 

The pandemic has exacerbated this, as more younger people become concerned about their own mortality and how their families will be looked after should the worst happen.

 

Millennials, aged between 26 and 41, and Generation X, aged between 42 and 57, are among those increasingly looking to leave a gift to charities in their will, according to recent research.

 

This is part of a wider growth in legacy giving expected following the pandemic.

 

Research by Legacy Foresight estimates that annual legacy income could reach £4.2bn over the next four years, as a back log in wills caused by the health crisis are cleared.

 

Here we examine the changing attitudes to legacy gifting among younger people and the steps charities need to take to ensure they are effectively targeting these age groups.

 

 

Young people and legacy fundraising

 

According to research by creative agency WPNC nearly half (44%) of millennials and generation X have thought about donating to a charity in their will. This is based on a survey of 500 people in these age groups.

 

Most people aged between 26 and 57 have yet to write a will, however, indicating that there is strong potential for charities’ legacy fundraising teams to build relationships with millennials and generation X.

 

Among generation X, for example, 70% have not written a will. This proportion increases to 87% among millennials, WPNC’s research found.

 

The WPNC research also found that only 9% of people in generation X and just 3% of millennials have already chosen the charity they want to leave a legacy to. This further indicates the benefits of successful legacy fundraising promotion among these age groups.

 

But how effective are charities at targeting younger people? WPNC’s research indicates charities can do considerably better. Around one in three of millennials and generation X said they had never seen advertising around legacy giving.

 

“The most likely reason – particularly around millennials – is that they are not currently targeted by legacy marketing. Charities must therefore consider different ways to target this audience,” said WPNC’s Legacy and Marketing Director Gail Cookson.

 

 

What charities need to do

 

 

Free will writing service

 

Offering a free will writing service has emerged as a priority for charities in targeting younger people around legacy gifting, WPNCs research suggest.

 

Among millennials more than a third, and among generation X around a quarter, would be keen to hear about such an offer from a charity.

 

Among those that have drafted a will, 36% said they would have used a free will writing service from a charity if they had known of its existence.

 

“And when pressed further, multiple respondents suggested they’d be happy to make a legacy gift in return for the offer of will-writing advice,” says WPNC.

 

WPNC’s Cookson adds: “Traditionally, legacy marketing at many charities has focussed on older donors. They are more likely to have written a will and to be closely considering what will happen to their assets when they die.

 

“Since the pandemic, however, there has been a sharp rise in awareness among younger audiences about planning for the future and will-writing in particular.

 

“We see this as a major opportunity for charities to showcase their cause and build relationships with millennials and gen X.”

 

 

Moving the conversation online

 

Charity consortium Remember A Charity recommends charities move the legacy conversation online to foster “open dialogue around a taboo topic”.

 

“Social media provides an opportunity to talk about legacies with those who already value you,” says the consortium, which recommends charities use video more to improve their online story telling around legacies.

 

This will help charities to foster an emotional connection around legacy giving, particularly among social media savvy younger generations.

 

 

Evidence of impact

 

Another tactic is to ensure that websites and social media channels present strong evidence of the impact of the charity’s work.

 

Research from the US has found that more than a fifth of millennial donors want to see impact reports before giving. More than a quarter look for this information on charities’ social media channels. 

 

 

Case Study: Guide Dogs

 

Among charities to tick both boxes of offering free will writing and focus on providing evidence of impact online is Guide Dogs.

 

It offers a free service to supporters “whether you are writing a will from scratch, or amending an existing one”, says the charity. This service is available in a variety of ways to target different generations, either in person with a solicitor or online.

 

Meanwhile, Guide Dogs also presents accessible and concise information online about how its money is spent, for example 54p in each pound it spends provides guide dogs and other adult services for people with sight impairment. The charity also makes strong use of video to promote legacy giving.

 

Guide Dogs also has a variety of interesting case study stories online about how the charity’s work is supporting people. This is through an ‘inspiring stories’ section on its website.