Charities could cash in on baby boomer generation

Baby boomers are a lucrative target for legacy fundraisers and the legacy market will have more than tripled by 2050, according to a report from research project Legacy Foresight.

Its Living Forever: Baby Boomers and Posterity report shows that members of the generation born between 1946 and 1957 have been prudent with their savings and predicts that their propensity to leave money to good causes will rise.

The report says baby boomers are concerned about their children’s futures, are saving their offsprings' inheritances and are fond of giving to good causes.

“Thanks to the large numbers in the boomer generation and their substantial accumulated wealth, we are predicting good growth in the legacy market over the next 50 years,” said Meg Abdy, project manager at Legacy Foresight. “By 2050, the legacy market will be worth £5.3bn in 2006 prices, compared with £1.6bn today.”

Jonathan Parris, director of Remember a Charity, said: “Those charities that take the long view and communicate most appropriately and consistently to these audiences will take the prize of increasing their share. Remember a Charity considers that it is key for charities to work together in order to capitalise on this opportunity.”

Legacy Foresight is a research project funded by a consortium of 28 charities.

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