UK Finance and Charities Aid Foundation have urged the public to donate their “loose change” to charity as the sector deals with a shortfall in funding. Charities Aid Foundation found that over half the charities they spoke to last year had seen a drop in donations, with 39% reporting increased demand for help from those in need.
New research by UK Finance shows that due to Covid-19 lockdowns, people have held onto cash for three times longer than before and when people receive coins, many are storing them at home rather than spending or donating them. This is particularly the case with lower denomination coins – more than half of those surveyed said they usually leave 1p, 2p, 5p and 10p change at home.
59% of respondents are currently “hoarding” cash, down from 68% during lockdown, with many citing retailer’s preference for electronic payments as the reason for not carrying change around with them.
The figures show that the British public are sitting on piles of loose change worth an estimated £50 million. Along with the Charities Aid Foundation, UK Finance is asking people to consider donating some of this spare change to charity. Donating accumulated loose change would provide a real benefit to charities and would reduce the need to mint new coins, which is better for the environment – both in terms of production and distribution.
The call comes with “Remember a Charity Week” in full swing. Between 6th and 10th September the 200-strong consortium is encouraging people across the country to consider leaving a gift in their Will. This year the initiative is being supported by head judge of Dancing with the Stars, Len Goodman and is calling on legal professionals to get involved. For more information click here: https://www.rememberacharity.org.uk/about-us/for-solicitors-will-writers/
Eric Leenders, Managing Director of Personal Finance at UK Finance said:
Putting your pennies in a charity box is a great way to help those in need.
“The public has stored over £50 million of loose change over the course of the pandemic and as the UK is opening up post-lockdown every pound and penny that can be spared for worthy causes will make a tremendous difference.
Neil Heslop, Chief Executive of the Charities Aid Foundation, said:
Our UK Giving Covid-19 Special Report revealed that cash donations to charities, normally the country’s most popular way of giving, saw a substantial decline during 2020 and remain at very low levels compared to previous years.
“As charities struggle to resume fundraising, while continuing to work on the frontlines of the response to the pandemic, donating spare loose change would be a huge show of much-needed support at a critical time.