Wealthy would give billions more to charities, new research reveals - Third Force News (TFN)

29 August 2024
by Robert Armour

One on six would give more but the sector is failing to exploit the potential from rich donors

Rich Britons would give billions more if they had better advice and support to do so, new research has found.

A survey by Opinium commissioned by think-tank Pro Bono Economics, found one in six wealthy philanthropists would donate twice as much as they do currently.

That sum is estimated to be around an extra £2.8 billion each year on top of the £28bn the general public donates to good causes.  

However, only 8% of the UK’s 5.8 million wealthy individuals receive philanthropy advice, according to the survey, despite evidence it would break down barriers to giving, such as concerns about how charities are run and a lack of knowledge or experience with the sector.

Pro Bono Economics director of research, policy and communications Nicole Sykes said the government should work with the Financial Conduct Authority, the sector regulator, to mandate philanthropy training as part of the professional qualifications for financial advisers.

“Wealthy people are telling us they do have money that they could afford to give to charities, many of which are improving lives in the way that the government cares about,” she added.

“A simple change to educate all financial advisers in supporting their wealthy clients with philanthropy could unlock significant funds, while not costing the Treasury a penny.”

The Opinion survey showed that the priorities of wealthy donors are often aligned with those of the UK government, with 50% of those surveyed donating to health and medical research, 24% to charities supporting children’s organisations and 22% to the alleviation of poverty and homelessness.