Boomers dubbed ‘the generous generation’
Despite what you may read elsewhere, older Australians are far from selfish when it comes to supporting good causes.
Where there’s a will...
Ways of giving through your will include:
A residual gift, where the balance of the estate after those specifically named in the will have been provided for
A percentage gift of whole or part of an estate
A pecuniary gift in the form of a fixed sum of money
A specific gift, such as real estate shares, artwork, or jewellery
Charities and other not-for-profit (NFP) organisations say they are seeing increases in the number of bequests they are receiving from older Australians.
Research has shown that around 20% of Australians are considering donating to charity in their will, despite high inflation and other pressures on their savings.
The rise is being led by baby boomers who are being dubbed “the most generous generation”.
According to Fundraising Institute Australia data, 50% of Australians like the idea of leaving a gift to a charitable or not-for-profit organisation, with 17% actively considering it. Some 13% of those surveyed said they have already named a charity in their will.
A quarter of all funds raised in Australia comes in bequests, which are predicted to reach $3.5 billion by 2050.
A report from the Blackbaud Institute, Charitable Support Across Generations in Australia and New Zealand, provides insights into the evolving charitable behaviour and support preferences of Generation Z, millennials, Generation X, and boomers.
Based on survey responses from more than 1,000 participants, the study found that Gen Z placed a high value on volunteering and advocacy, while Gen X and boomers preferred monetary donations.
The most widely supported charities across all generations were those related to health, animal welfare, and children’s causes.
The Heart Research Institute is among those NFPs that has benefitted from an increase in bequests.
Its chief executive, Professor Andrew Coats, said the institute’s Gifts in Wills program enabled people to leave a lasting legacy by contributing vital funding to support research into the diagnosis, treatment, and prevention of cardiovascular disease, which takes one life in Australia every 12 minutes.
“When people choose to leave a bequest, they are making a decision to leave a lasting legacy and may see it as a meaningful way to leave a mark and help transform the lives of others,” Prof Coats said.
