Philanthropy
Charities Must Change Attitudes to Today's HNWs - Report

Charity fundraisers in the UK must overhaul the way they work if they are to get a slice of new wealth, according to a new report from charity consultants nfpSynergy. The report, “The 21st-Century Donor”, sets out what it calls the fundraising landscape for the next few decades and makes the point that philanthropists are far richer and far more willing to gave away their money than they were previously. But donors are now far more discerning about their charitable giving. They want to know exactly how charitable projects work and how their progress is measured. They want a choice of projects to fund and their efforts to be recognised. And they want to use their expertise as well as their money. According to the report, charities are still issuing what it calls high-handed pleas for cash at odd times of the year that fail to discriminate between one-off small donors, trusted life-long sponsors and new-wave philanthropists looking to get involved for the first time. For instance, the report says: “The customer thinks they are making a one-off donation while the charity thinks they have entered into a life-long contract and will consider them ‘lapsed’ if they do not make another donation.” The report was based on a study of over 500 high net worth individuals holding more than £100,000 in available assets, and 15 ultra-high net worth individuals holding more than £3 million.