The consortium research project ‘Living Forever: Baby Boomers and Posterity’ which is managed by Legacy Foresight on behalf of 28 British charities has revealed that contrary to popular belief, British Baby Boomers are not ‘Spending the Kids Inheritance’. Rather, they are best described as ‘OWLS’, ‘Older people Withdrawing Loot Sensibly’.

Whilst the ‘core’ boomer group (born between 1946 and 1957) are looking forward to active and comfortable retirement, future uncertainties, together with relatively modest lifestyles, are constraining extravagant spending.

In Britain, the term ’Baby Boomer’ commonly refers to those 15.8 million people born between 1946 to1963. Within this broad group are two clear segments, with significantly different life experiences and attitudes – ‘core’ (1947 to 57) and ‘shadow’ (1958-63).

The ‘Living Forever’ research project aims to be an authoritative source of information on baby boomers and their likely impact on the charitable legacy market over the next forty years.

The report shows that many boomers are concerned about their children’s future, and are giving considerable sums of money now to ensure their offspring’s happiness before they die.

However, despite the increased demands on their resources, the large numbers of boomers dying and their considerable collective wealth means that the legacy market will continue to grow steadily over the next 40 years.

Considering the affluence of the boomer generation and their fondness for ‘good causes’ – and the ongoing escalation of legacy marketing – it is anticipated that the ‘propensity’ to leave a charitable gifts in wills will continue to rise.

Additionally, smaller pecuniary bequests are expected to gain ground over residuals, as charities reach out to a new group of legators . This accentuates the need for charities to tailor their legacy messages to different segments of the overall market.

Meg Abdy, Legacy Foresight Project Manager, commented:
'Thanks to the large size of the boomer generation, and their substantial accumulated wealth, we are predicting good growth in the legacy market over the next 50 years.

'Indeed by 2050, the legacy market will be worth £5.3bn (in 2006 prices) compared to £1.6bn today.'

Jonathan Parris, Director of Remember A Charity, a consortium of over 140 charities dedicated to increasing charitable legacies said:
'This fascinating research report outlines the new challenges for legacy fundraisers in reaching out to the Baby Boomer generation. It is clear that charities will need to influence several completely different audiences if they are to maximize their future legacy income.

'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.'

All members of the Remember A Charity consortium will receive a free copy of the summary report as a member benefit.

Remember A Charity is a consortium of 140 charities that works to increase legacy income to UK charities. It is hosted by the Institute of Fundraising.

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