A survey has found that around half (49%) of high-net-worth individuals and business owners are concerned about their ability to make charitable donations over the next 12 months, with 16% saying they are very concerned.

Overall, two thirds do not have plans to pass on their wealth to charities, with only 31% saying they will back good causes, through regular donations or establishing a legacy or foundation, said the survey, which has been carried out by investment management group Rathbones.

“The cost of living has tightened purse strings across the board,” warned Emma Watson, head of financial planning at Rathbones.

“But it is encouraging to see a continued commitment to charitable giving, particularly at a time when charities need financial support more than ever.”

She added: “For anyone considering the future of their financial commitments, whether through charitable donations or by establishing a legacy or foundation, it’s important to ensure you have the funds you need to achieve your goals.”

Regional differences

Aberdeen and Aberdeenshire has emerged as the area where high net worth individuals and business owners are most likely to give to good causes despite concerns among the wealthy around the cost of living crisis and financial instability.

The survey was carried out among more than 1,000 business owners and people with at least £250,000 investable assets, which has also revealed concerns among these groups around the cost-of-living crisis.

This also revealed the UK areas where the wealth are most likely to give.

In Aberdeen and Aberdeenshire 42% of theses groups of people say they are mostly likely to give to good causes despite concerns around the economy.

In contrast only a third (34%) of those in the North East of England plan to back charities. The proportion is similar (32%) in the North West, South West and Greater London.

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