Legacy giving and the next generation: Securing sustainable income for charities

Legacy giving is one of the most reliable and transformative sources of income for UK charities. The Legacy Giving Report 2025 produced by Legacy Futures and Smee & Ford shows that these gifts account for 30% of all fundraising and 14% of total income for the top 1,000 legacy-receiving organisations. Yet, while the value of legacies is projected to grow significantly over the coming decades, the profile of those making gifts is changing.

Charities face a dual challenge: maintaining strong stewardship of today’s older supporters, while finding ways to connect with younger, digitally native generations whose giving behaviours look very different.

The state of legacy giving

Legacy income has been a consistent success story. The Legacy Giving Report 2025 highlights a 9% increase in 2024, with around 145,000 charitable bequests. Over the last 30 years, legacy income has grown fourfold, from less than £1 billion in 1993 to almost £4 billion by 2022/23. Looking ahead, the value is forecast to exceed £10 billion by 2050, largely driven by the transfer of wealth from the Baby Boomer generation.

The message is clear: legacies are not in decline. They remain central to the sector’s long-term sustainability. But the growth is concentrated among older donors, leaving questions about how to cultivate tomorrow’s givers.

Shifting generational dynamics

Recent research shows a decline in the number of people giving to charity overall. The CAF UK Giving Report 2025 found there are now four million fewer donors than in 2019, with giving levels at their lowest recorded. Among younger people, the drop is particularly marked: only one in three 16–24 year-olds donated last year, a 33% fall since 2017.

A study by Indiana University’s Lilly Family School of Philanthropy reached similar conclusions. It found that across all generations fewer individuals are donating, but those who continue to give are often contributing more per person. For Millennials and Gen Z, generosity is expressed differently: through micro-donations, crowdfunding, digital campaigns and value-driven causes. They are active, engaged, and digital-first, but legacies remain outside their current focus, not least because most people in the UK do not make a will until their late 50s.

Younger donors: Engaged but not estate-ready

Millennials and Gen Z are reshaping philanthropy. They prefer purpose-driven campaigns, transparency, and real-time accountability. Digital platforms enable them to support causes quickly and visibly, from online fundraising to peer-to-peer giving.

However, this behaviour does not yet translate into legacy giving. Cost-of-living pressures, student debt, and delayed wealth accumulation mean they are unlikely to consider gifts in wills until much later in life. For charities, this means younger donors represent a pipeline rather than an immediate source of legacy income.

The strategic challenge for charities

To future-proof legacy giving strategies, charities need to balance two priorities:

Stewardship of older donors

Older supporters will remain the backbone of legacy income for the foreseeable future. Strong governance, transparent reporting, and sensitive communication are vital to maintain trust and confidence.

Building awareness among younger supporters

While they may not yet be “estate-ready,” younger generations are shaping the future landscape. Introducing the idea of legacy giving earlier, embedding it into digital touchpoints, and aligning messaging with values such as sustainability, diversity and impact will be essential.

Practical steps to strengthen legacy strategies

• Normalise early conversations: Donors in their 40s and 50s are often open to considering a pledge. Normalising the conversation earlier can pay dividends later.
• Link volunteering and legacies: Volunteers are disproportionately likely to leave a gift. Charities can design pathways where engagement leads to long-term support.
• Invest in digital channels: Online will-writing partnerships, pledge tools and mobile-first design make it easier for younger supporters to engage.
• Harness influencers and peer networks: Many younger donors discover causes through peers or creators. Legacy messaging here must be subtle and values-driven.
• Track engagement signals: Data tools can highlight when a supporter downloads a will guide, attends an estate-planning session or interacts with legacy content, creating opportunities for sensitive follow-up.

Governance and trust: The common thread

Whether stewarding current donors or inspiring future ones, governance sits at the heart of legacy giving. Younger supporters are sceptical of institutions and demand transparency, while older donors expect careful, ethical stewardship. Demonstrating accountability and impact is therefore essential across generations.

Looking ahead

Legacy giving is forecast to exceed £10 billion by 2050, offering charities a unique opportunity to secure long-term sustainability. But the growth of legacy income cannot be taken for granted. Charities must continue to serve and steward today’s older donors, while at the same time laying the foundations for engaging the next generation.

The task is clear: convert today’s enthusiasm for digital-first giving into tomorrow’s lasting legacies.