Upload
rememberacharity14
View
33
Download
0
Tags:
Embed Size (px)
Citation preview
Ten ways to grow the legacy market and your income
Rob CopeDirector, Remember A Charity
• Legacies account for 13% of all voluntary income and 5% of all income received by charities
• In 2011, the legacy ‘market’ was worth £1.85bn…
• That represents just 3% of all the money left in estates
• In all, just 7% of people die with a gift to charity in their will…
• Compared to the 74% of British adults who support charities while they are alive
Legacy Foresight, Inland Revenue, NCVO
The legacy market at a glance
The legacy market has flat-lined since 2008UK legacy market 1988 – 2011, £bn
Legacy Foresight, CaritasData, NCVO, Smee & Ford
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
0.0
0.4
0.8
1.2
1.6
2.0
Expansion
Recession
Recession
Despite falling deaths, bequests keep risingTotal number of charitable bequests 1988 – 2011,000s
Legacy Foresight, CaritasData, NCVO, Smee & Ford
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
50
60
70
80
90
100
110
120
55% cash gifts
52% cash gifts
Legacy Foresight analysis of Caritas data
Legacy income growth by size of charity, 2007/8 - 2010/11, % pa
‘XL’ charities hit hard in recession aftermath
Small Medium Large Extra large-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
1.0
2.8
2.2
-1.4
Health; 42
Animal; 14Conservation; 8
Disability; 8
Development; 6
Children; 4
Other ; 18
Legacy Monitor 2012
Legacy market shares, %, general charities, 2011
The legacy market by sector
Nimble, contemporary causes gain groundWinners and losers by cause area
Legacy Foresight analysis of Caritas data 2012
Disability Children Conservation Hospices
Advancementof religion
Animalwelfare Health Arts/culture
Domesticpoverty relief
Olderpeople
Armed services Education
Overseas development
Wildlifetrusts
Slow growth Fast growth
Longer term, rising deaths will fuel growthProjected UK deaths, 2000 – 2030, 000s
OPCS, Government Actuary’s Department
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
500
520
540
560
580
600
620
640
615,000 deaths
7,500 additional charitable Wills
Family First
Lack of Salience
Not the social norm
Legacy has to be large
No flexibility with legacies
Legacies are not something that regular, everyday people doThere is a (media-driven) perception that legacy givers are:
Wealthy eccentrics; famous celebrities People who have a grudge against their kids
Rarely discussed; rarely thought about…“It just hasn’t occurred to me…..I’ve never really thought about it”
Legacies are just not on the radar !
Strong perception that ‘a legacy’ has to be a large amount“You only hear about big legacies, don’t you…..not small ones”
…because legacy giving linked with celebrities, wealthy eccentrics
Didn’t know that can leave fixed amount or %Didn’t know that can change a legacy amount
…… uncertainty about future circumstances is a major barrier for some
“For me ….and I would expect lots of people…. it’s family first, charities second”
Repaying a debt
Personal relationship
Knowing someone
Helping an organisation you have a long term affinity with
Knowing that another family member has left a legacy
‘Repaying’ a charity for helping someone you care forTHE primary motivator for many legacy givers
Major motivations for giving a legacy…
Heartfelt gratitude
Inner satisfaction
Family values
Deep sense of self worth“It’s a pride within yourself…it makes you proud of the way you’re living your life”
Passing on the ‘family culture’“It’s continuing the family ethics…I feel I’ve been brought up right, and I want to pass that on to my kids”
‘Repaying’ the debt“I have put Macmillan in my will...I just had to for what they did for my friend…they were so wonderful”
The marketing / communications materials need to tap into these emotions
Legacy giving = powerful emotions……
Top 10 tips for growing your legacy income
1.Set out your vision of where you wantto be and why
2. Connect with your cause with passion, inspiration and emotion – collect, inspire,
tell stories
3. Define the impact your donors make that inspires and satisfies
4. Focus on conversations – directly or indirectly, not pledges
5. Build and deliver a systematic method of engagement, follow up and stewardship
– a personal experience
6. Make your whole organisation capable of legacy fundraising through – knowledge, tools, confidence
7. Integrate everything
8. Gain insight every day and act on it
9. Find and keep great people – staff, volunteers, trustees, leadership
10. Treat each legacy as a gift. Say thank you.
1. The strategy is engagement
2. The outcomes are whatever they tell us
3. The goal is to help them make a gift
Back to the future…
Thank you for listening