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Charities are losing out on donations from wealthy individuals because of a lack of mutual understanding, a new report suggests.
Entitled Barriers to Giving: Research into the evolving world of philanthropy, the report states that charities’ current methods of engaging with high net-worth individuals (HNWIs) are inadequate.
Produced by market research company Savanta on behalf of Barclays Private Bank, the report quizzed 150 people with assets of more than £5m. Around a quarter said they lacked confidence in how charities are run, while 74 per cent felt philanthropy was a responsibility of those wealthier than themselves.
Barclays Private Bank intends to work with the Institute of Fundraising and the Beacon Collaborative to “bridge the gap between wealthy donors and charities, and encourage greater giving in the UK and beyond”.
The Beacon Collaborative aims to generate an additional £2bn in donations to charity by 2025.
Peter Lewis, chief executive of the Institute of Fundraising, told the Civil Society website: “We’re delighted to be bringing the findings of Barriers to Giving 2020 to life for the hundreds of charities we support, with a series of events that will help fundraisers to better understand wealthy donors, and to build more impactful, longer-term relationships with them.
“At the same time there is a need to help HNWIs better understand charities and the impact we know is achieved.”