A new and free to use online “Data Dashboard” has been launched to keep UK charities informed of current legacy giving market trends and to provide access to important forecasts for the medium and long-term.
Sharing a comprehensive range of key facts, figures and metrics, it will aid charities in making strategic decisions when planning and investing in legacy fundraising within their organisations. The data has been made available by Legacy Futures in partnership with Remember A Charity. The statistics come from a variety of sources including Legacy Foresight’s Legacy Monitor, Remember A Charity’s consumer tracking, and public domain information from the Charity Commission.
The purpose of the Data Dashboard is to make it easy to access all in one place and allow users to keep track of relevant and up-to-date information. The statistics in the Data Dashboard are from the financial year 2022/23, and include:
- The current estimated size of legacy income in the UK
- A breakdown of cause sectors by size
- Average gift values
- Average time lag between the decision to leave a gift and the charity receiving the gift
- Future predicted growth of the legacy market
Research by Legacy Foresight shows that legacy income likely reached £4bn for the first time in the year 2022/23, illustrating the resilience of the market in what has been an otherwise challenging time for charities. The ongoing cost-of-living crisis, lockdown and worldwide economic uncertainty has impacted donor income for many organisations – highlighting the need more than ever for a reliable, sustainable and long-term income channel which offers stability even in stormy times.
The data within the Data Dashboard will be updated annually every November in line with the release of Legacy Futures’ Annual Market Briefing, keeping the sector informed of the ongoing changes in the legacy market. Legacy Futures’ CEO, Ashley Rowthorn, said:
“Having easy access to this information will help not-for-profits make all-important decisions for their own legacy fundraising strategies, which will in turn help ensure the legacy giving market remains resilient and continues to thrive. Only when charities are kept abreast of the market outlook and changing behaviours is it possible for them to make well informed decisions which best serve their organisations and stakeholders in both the short and longer terms.”
Head of Legacies at British Red Cross and incoming Chair of Remember A Charity, Anaish Yilma-Parmar, said:
“The legacy market continues to develop at pace, becoming increasingly important for a growing number of charities. The income generated, however, can take many years to materialise, and therefore legacy fundraisers need solid insight to help secure resource and funding, to inspire the gifts of tomorrow. The Data Dashboard is a great asset to anyone looking to develop or grow their legacy programme and will aid the sector to keep an eye on the latest trends and opportunities.”
The full Data Dashboard can be viewed here: https://legacyfutures.com/data-dashboard/