MILLENNIALS AND GEN X ARE IMPORTANT MARKET FOR LEGACIES

[ CHARITIES ARE BEING URGED to bolster their promotion of legacy fundraising among Millennials and Generation X. It follows evidence emerging that younger people are becoming more interested in writing wills as they prepare for later life, a trend exacerbated by the pandemic as more younger people become concerned about their own mortality and how their families will be looked after should the worst happen.

Writing on the website Charity Digital, Joe Lepper explained: “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.

“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.”

However, WPNC’s research indicates that charities can do considerably better in targeting those age groups. 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

Joe Lepper suggests some ways charities can address the issue.

“Offering a free will writing service has emerged

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• For further information contact NFBUK on 01924 291313, email admin@nfbuk.org or visit www.nfbuk.org as a priority for charities in targeting younger people around legacy gifting, WPNC’s research suggests. 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.”

Gail Cookson added: “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.”

A further tactic is to recognise the prevalence of social media use and online trading among those generations and ‘move the conversation online’. Following up by offering evidence of success online can reinforce the impact.

Joe Lepper quotes the case study of 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.” q