New CAF and Sunday Times research reveals attitudes to philanthropy of wealthiest people in Britain

6 May 2011

Charity donations from the top 100 philanthropists are down £818m on last year to a total of £1.67bn according to this year's Sunday Times Giving List. The figures, to be published in full in the Sunday Times Rich List this Sunday (8th May), show the impact that the financial crisis has had on philanthropy.

However, there seems to be a growing recognition of the importance of philanthropy in these difficult times with the number of £1m+ donors growing from 118 to 129 in the past 12 months. Also the top 30 philanthropists in the list gave away a bigger proportion of their wealth, donating at least 3.42% compared to 3.22% in the previous year.

For the first time, the Charities Aid Foundation (CAF) and the Sunday Times asked those on the Sunday Times Rich List additional questions about their motivations to give and views on philanthropy. Answers provided by 29 respondents reveal the importance of impact, communication and advice on their giving.

Nearly nine out of ten (89%) respondents claim that they only invest in charities which can clearly demonstrate their impact. Almost four-fifths (79%) agree that it is important to give strategically and the same amount believe that they manage to give strategically.

However only 64% of Rich List members who completed the survey are satisfied with the feedback they receive from charities. This message about better communication is echoed by the finding that 59% of respondents feel that charities need to improve their communications in order to meet their potential.

Only 42% of respondents felt that advice on who and how to give was readily available. This however does not deter nearly three-quarters (72%) of philanthropists from spending a considerable amount of time researching their philanthropic decisions.

When asked why they give nearly all philanthropists (97%) cited personal values. More than three-quarters (76%) said that personal experiences had influenced them to be charitable. Just over two-thirds (69%) said the enjoyment they get from giving is a big factor in their philanthropy, while 57% said they did it in order to leave a positive legacy.

Commenting on the figures, Jo Ensor, Head of Advisory at the Charities Aid Foundation said, “These figures provide valuable insight from a very hard to reach group of donors. There are many lessons here for charities who wish to interact with these philanthropists; notably tailoring their communications and better demonstrating the impact of their work.”

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