Wealthy individuals are keen to give more to charity, but can be held back by not understanding the impact of their donations. Philanthropic Lives explores the experiences of philanthropists in the UK.
The report is published by J.P. Morgan Private Bank, who commissioned NPC to research charitable giving among wealthy individuals. We surveyed 200 of J.P. Morgan’s UK ultra-high-net-worth clients, and found that only 7% were satisfied with the amount they give away. We also interviewed eight philanthropists to delve deeper into their motivations to give in the first place, and the challenges they encounter along the way.
Several themes emerged from our research. Most people were initially motivated to give by a specific cause but the vast majority wanted to give more—many would do so if they received more information about how their donations are spent. But all the donors interviewed emphasised the huge rewards that come from giving and the satisfaction it brings. To overcome some of the challenges in giving money away effectively, many had sought professional advice which they found made their giving both easier and more enjoyable.
We hope that these inspiring stories can show, through others’ experiences, how rewarding charitable giving can be, and encourage more people to ‘dip their toe’ in and try philanthropy.
When you give someone support and then see the results it is a fantastic feeling.
Richard Ross, philanthropist