July, 2008
Who leaves a bequest?
A common misconception Australians have is that the people most likely to leave money to charities in their Wills are a small number of people with a very high disposable income, a house in Vaucluse and no children.
But a survey of bequest donors reveals the majority of donations are provided by a rising number of regular Australians wanting to give something back to the community.
A breakdown of generosity in NSW reveals that the most generous suburbs are not necessarily the homes of the most affluent. The top 5 most generous suburbs were:
- Castle Hill
- Port Macquarie
- Mosman
- Sydney
- Maroubra
“Australians are not motivated to leave a bequest based simply on their wealth,” says Jennifer Doubell, representing Include a Charity - a bequest campaign developed by Mission Australia, Red Cross, Heart Foundation and Cancer Council.
“Rather, we know the most likely donors are those who support or who have been supported by a charity during their lives.
“Only about eight per cent of Australians currently include a charity in their Will. The good news is this number is slowly increasing and we hope it will transfer into more funds being raised, as people realise how important bequests are to the work of charities.”
Compared to the percentage of individuals donating in the UK, which decreased over the 2006/07 financial year, the percentage of Australians giving increased by 5.7%. However, Australia still falls far behind the US when it comes to the amount given – Americans gave 2.2 per cent of a household’s after tax income, compared to just 0.33 per cent in Australia.
Include a Charity wants to remind Australians of the significance of leaving bequests. While many people are benefiting now from bequests left by past donors, it is important to realise that a sustainable future for charity work depends on a continuation of bequests.
“So while you’re tying up your financial affairs toward the end of financial year, take time to update your Will and consider including a charity,” adds Jennifer Doubell.
For more information on how to update your Will and include a charity, please call 1800 400 300 or visit www.includeacharity.com.au
Note to editors:
There is information on the 'Most generous suburbs in NSW' study on the main media page of the website.
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