Are you a millionaire in waiting…?

Published on

The Resolution Foundation sent out a release at the end of 2017 advising that a greater share of young people today is more likely to benefit from inheritance than has happened historically. Interesting for some, but they shouldn’t rush out and spend it now. These 20 and 30 somethings won’t be getting their inheritance until they are in their early 60’s or later.

Given the price of property today, there is a chance they could then become millionaires!

But this also tells another story. Much of this wealth will come from home ownership. This means the wealth gap in our country will likely widen even further.

It’s likely that this differentiation will continue to make news headlines as it has every month in 2017. Unless the government of the day in the next 4 decades resolves the issue of housing, inequality and delivery of social services, it will also mean that we will be even more reliant on small and local charities. As we are today.

Avoiding the ‘why has this happened’ question, we must simply ask ‘what can we do to help?’

If you are a millionaire in waiting, perhaps the following.

In simple terms, look out for your neighbours. Your friends. Your family. Many people will put on a brave face but may be struggling with simple tasks, but are unable to ask for help. With gardening, with grocery shopping. With debt management. With isolation. With their health.

Even if you cannot help directly you can help by doing the homework and pointing them in the direction of people who can provide the relevant expertise. In today’s world this may be a charity.

The bigger charities have marketing departments, development teams and often hundreds of volunteers following a designed plan of action, and they are very effective. They can often help. They clearly do a good job.

But it’s the smaller, local charities that are more likely to understand your neighbourhood. And they need your support to be able to offer your neighbours and friends their help.

These local charities are almost invisible to most of us. Because of their funding. Because of their size.

They are great at what they do but often lack marketing and development skills. This affects our awareness of them.

What can you do?

Awareness is a massive issue. You can follow them on social media and share their blogs. Tell your friends about them.

But even this help is going to be limited because many small charities don’t have the time or skills to write blogs or run effective social media campaigns.

Volunteering can be hugely valuable. Many smaller charities have few full-time employees and are very reliant on skilled volunteers. If you don’t fancy being a trustee, think about offering other skills that you may have. Small charities are enormously resourceful and creative and will undoubtedly find a way to use whatever skills you have.

But patience is needed whilst they work out how best to use your skills.

Donating money is at the top of the list. 73.2% of all UK charities survive on less than £100k/annum (half of these on less than £10k/annum). This equates to just 3% of all charitable income in the UK. (The big charities get 90% of the income).

If you, like 50% of the population find all charities trustworthy, then do your homework locally, choose your cause and give what you can. If, following your homework, you cannot decide which of the thousands of local causes you want to support get in touch with Quartet.

If you are in the other 50% and struggle with this decision, then try our Choices Toolkit or simply get in touch with Quartet. Part of our process of working with the thousands of charities to whom we give money is undertaking in-depth due diligence not only to ensure they meet necessary compliance and are properly managed, but that your money is used appropriately and delivers measurable results.

Whatever you do, and however much you wish to give the power is in your hands.

Note: Numbers updated January 2018. Source: Charity Commission