Business

Philanthropy support to ‘generous generation’ could unlock money for society

Published

1 year ago

August 5, 2024

PRO BONO Economics research estimates that there are around 230,000 people under 35 in the UK with net financial assets exceeding £100,000
Nearly all wealthy young people surveyed express a strong desire to have a positive societal impact with their money, with 88% already donating to charity
However, around 110,000 wealthy people under 35 may not have a relationship with a financial or wealth adviser at present.

New research reveals that, while a significant percentage of young people in the UK are keen to contribute to good causes, many are not receiving advice on how best to invest their money.

The research, by Pro Bono Economics (PBE)1, found that while there are around 230,000 people under 35 with net assets exceeding £100,000, roughly 110,000 of those may not be in contact with a financial or wealth adviser.2

As well as unlocking large charitable donations, providing philanthropy support for young wealthy clients would be a significant growth opportunity for financial advisers given their ability to understand and cater to the philanthropic inclinations of what PBE has coined the ’generous generation’ and build long-term relationships with the high-net-worth individuals of the future.

To address this issue PBE brought together the Financial Conduct Authority, the Treasury, and the Department of Culture Media and Sport, as well as an alliance of accredited bodies, government entities, and philanthropy experts, to enhance philanthropy training for advisers.3

An estimated £5.5 trillion is expected to be passed down to younger generations over the next 20 to 30 years – the so-called ‘Great Wealth Transfer’. Financial advisers and firms seeking to attract the business of the 230,000 under-35s who already possess net financial assets exceeding £100,000 will need to adapt.

Encouragingly, 88 per cent of wealthy young people already donate to charity and PBE found that 90 per cent of those surveyed expressed a strong desire to have a positive societal impact with their money. With this generation giving more to charity – and in greater numbers – than ever before, financial advisers will need to tap into their philanthropic instincts.4 Last year 38% donated more than £2,000 to charity last year, compared to 5% of over-55s. This makes them eight times more likely to have made a substantial gift to charity or charities. Despite straitened times, 63% of those surveyed said they would consider increasing their charitable donations, compared to 13% of over-55s.

While this generation is also more likely to seek financial advice – 78% compared to 61% of those over 55 – more than half of wealthy under-35s also indicated they would be more likely to choose a financial adviser who offers philanthropy advice.

One compelling route to engaging with younger clients and potential clients on their giving is through Donor Advised Funds, a convenient charitable giving vehicles which can be funded through cash, shares or third-party entities. Encouragingly, 65% of under 35s5 said they would be interested in investing in a DAF in the future.

Sisters Lauren Gupta and Becky Holmes founded the Helvellyn Foundation, which provides philanthropic grants to individuals and organisations involved in biodiversity and the education of young people. When they first started they found almost no philanthropic advice from financial advisers.

Becky said:

“I found that most advisers focused on just growing your money, with philanthropy always being a secondary consideration. That immediately lost me because that’s not the go-to motivation for everyone. It’s a big deal to push against the status quo – it’s very difficult to get out of that box. A lot of wealth advisers will also not talk about the impact of how money is invested for fear of offending clients, such as whether it will be to the detriment of a habitat or a community.

“My advice to people wanting to give philanthropically is to speak to foundations in the UK and other people who have had that experience before speaking to advisers.”

Lauren said:

“We all live in a society affected by global issues, and advisors need to talk about how wealth management can impact, positively or negatively, these issues. But they don’t seem to offer that, it’s presumed that you are looking to preserve and grow the wealth regardless of the impact – there’s such a protective mindset on it.

“I have also been speaking to advisers about how they engage the next generation of wealth holders, because we were not engaged by the advisers around our family. My caveat is that advice should be more holistic and impact-focused; we are probably more progressive because we didn’t get that engagement and ended up seeking more forward-thinking advice elsewhere! One thing that helped us early on was a wealth coach who talked us through the emotional as well as the planning side of wealth, which we had not seen anywhere else. To anyone thinking about giving money away, you don’t have to start big. Initially a large sum seemed scary, but now we feel more secure and are braver in what we are doing.”

David Clarke set up a project called Wealth Shared which saw 12 people decide how to spend his £100,000 inheritance.

David said:

“My mum died in 2014 and I inherited this amount of money and I had this feeling of not being comfortable with inherited wealth – I don’t think it’s how the world should work so I decided to give it away.

“I went through a thought process of wondering what to do with it, and sent out 600 letters in my local area. The task was they could do anything with the money – and they had to give it away rather than having any lasting relationship with that money – but it could go to any individual or organisation in the world. In the end the money went to organisations in the L8 postcode – an area where there’s a lot of deprivation.

“A lot more people are in a position like me and the amount of wealth inherited is going to massively increase over the coming decades. We’re also in a time where people are more socially aware. “If you’re ever in a position about what to do with the money there’s power in democratising that decision and dispersing the pressure so it’s not all on the individual.”

Nicole Sykes, Director of Policy and Communications at Pro Bono Economics and co-author of the report, said:

“This is an opportune moment for financial advisers with the Great Wealth Transfer, and the time to act is now. By championing philanthropy, advisers can ensure they remain relevant and tap into the significant good will of the generous generation.

“Firms and advisers that do not currently offer philanthropy services or limit their philanthropy offerings to the ultra-wealthy risk being left behind by demographics, demand, and by governmental action. But by evolving and embracing this challenge they can attract the next generation of clients in a competitive market and contribute to a more giving, socially-conscious society.”

Business

Cardiff Airport announces special Air France flights for Six Nations

Published

1 hour ago

December 4, 2025

Tom Sinclair

Direct services to Paris-Charles de Gaulle launched to cater for Welsh supporters, French fans and couples planning a Valentine’s getaway

CARDIFF AIRPORT and Air France have unveiled a series of special direct flights between Cardiff (CWL) and Paris-Charles de Gaulle (CDG) scheduled for February 2026.

Timed to coincide with two major dates — the Wales v France Six Nations clash on Saturday 15 February and Valentine’s weekend — the flights are designed to offer supporters and holidaymakers an easy link between the two capitals.

For travelling French rugby fans, the services provide a straightforward route into Wales ahead of match day at the Principality Stadium, when Cardiff will once again be transformed by the colour, noise and passion that accompanies one of the tournament’s most eagerly awaited fixtures.

For Welsh passengers, the additional flights offer a seamless escape to Paris for Valentine’s Day, as well as opportunities for short breaks and onward travel via Air France’s wider global network.

Cardiff Airport CEO Jon Bridge said: “We’re thrilled to offer direct flights to such a vibrant and exciting city for Valentine’s weekend. Cardiff Airport is expanding its reach and giving customers fantastic travel options. We’ve listened to passenger demand and are delighted to make this opportunity possible. There is more to come from Cardiff.”

Tickets are already on sale via the Air France website and through travel agents.

Special flight schedule

Paris (CDG) → Cardiff (CWL):

13 February 2026: AF4148 departs 17:00 (arrives 17:30)
14 February 2026: AF4148 departs 14:00 (arrives 14:30)
15 February 2026: AF4148 departs 08:00 (arrives 08:30)
15 February 2026: AF4150 departs 19:40 (arrives 20:10)
16 February 2026: AF4148 departs 08:00 (arrives 08:30)
16 February 2026: AF4150 departs 16:30 (arrives 17:00)

Cardiff (CWL) → Paris (CDG):

13 February 2026: AF4149 departs 18:20 (arrives 20:50)
14 February 2026: AF4149 departs 15:20 (arrives 17:50)
15 February 2026: AF4149 departs 09:20 (arrives 11:50)
15 February 2026: AF4151 departs 21:00 (arrives 23:30)
16 February 2026: AF4149 departs 09:20 (arrives 11:50)
16 February 2026: AF4151 departs 17:50 (arrives 20:20)

Business

Cwm Deri Vineyard Martletwy holiday lets plans deferred

Published

9 hours ago

December 4, 2025

Bruce Sinclair - Local Democracy Reporter

CALLS to convert a former vineyard restaurant in rural Pembrokeshire which had been recommended for refusal has been given a breathing space by planners.

In an application recommended for refusal at the December meeting of Pembrokeshire County Council’s planning committee, Barry Cadogan sought permission for a farm diversification and expansion of an existing holiday operation through the conversion of the redundant former Cwm Deri vineyard production base and restaurant to three holiday lets at Oaklea, Martletwy.

It was recommended for refusal on the grounds of the open countryside location being contrary to planning policy and there was no evidence submitted that the application would not increase foul flows and that nutrient neutrality in the Pembrokeshire Marine SAC would be achieved within this catchment.

An officer report said that, while the scheme was suggested as a form of farm diversification, no detail had been provided in the form of a business case.

Speaking at the meeting, agent Andrew Vaughan-Harries of Hayston Developments & Planning Ltd, after the committee had enjoyed a seasonal break for mince pies, said of the recommendation for refusal: “I’m a bit grumpy over this one; the client has done everything right, he has talked with the authority and it’s not in retrospect but has had a negative report from your officers.”

He said the former Cwm Deri vineyard had been a very successful business, with a shop and a restaurant catering for ‘100 covers’ before it closed two three years ago when the original owner relocated to Carmarthenshire.

He said Mr Cadogan then bought the site, farming over 36 acres and running a small campsite of 20 spaces, but didn’t wish to run a café or a wine shop; arguing the “beautiful kitchen” and facilities would easily convert to holiday let use.

He said a “common sense approach” showed a septic tank that could cope with a restaurant of “100 covers” could cope with three holiday lets, describing the nitrates issue as “a red herring”.

He suggested a deferral for further information to be provided by the applicant, adding: “This is a big, missed opportunity if we just kick this out today, there’s a building sitting there not creating any jobs.”

On the ‘open countryside’ argument, he said that while many viewed Martletwy as “a little bit in the sticks” there was already permission for the campsite, and the restaurant, and the Bluestone holiday park and the Wild Lakes water park were roughly a mile or so away.

He said converting the former restaurant would “be an asset to bring it over to tourism,” adding: “We don’t all want to stay in Tenby or the Ty Hotel in Milford Haven.”

While Cllr Nick Neuman felt the nutrients issue could be overcome, Cllr Michael Williams warned the application was “clearly outside policy,” recommending it be refused.

A counter-proposal, by Cllr Tony Wilcox, called for a site visit before any decision was made, the application returning to a future committee; members voting seven to three in favour of that.

Business

Welsh Govt shifts stance on business rates after pressure from S4C and Herald

Published

19 hours ago

December 3, 2025

Sarah-Jane Absalom

Ministers release unexpected statement 48 hours after widespread concern highlighted in Welsh media

THE WELSH GOVERNMENT has announced a new package of tapered business rates relief for 2026-27, in a move that follows sustained pressure from Welsh media — including S4C Newyddion and The Pembrokeshire Herald — over the impact of revaluation on small businesses.

In Milford Haven, the hard-pressed pub sector is already feeling the impact: the annual bill for The Lord Kitchener is rising from £5,000 to £15,000, while rates at the Kimberley Public House have nearly doubled from £10,500 to £19,500. The Imperial Hall’s rates are increasing from £5,800 to £9,200, prompting director Lee Bridges to question why businesses “are being asked to pay more when we use less services”. In Haverfordwest, the annual rates bill for Eddie’s Nightclub is increasing from £57,000 to £61,500.

A written statement, issued suddenly on Wednesday afternoon, confirms that ministers will introduce a transitional “tapering mechanism” to soften steep increases for tourism, hospitality and small independent operators. Full details will be published with the draft Budget later this month.

The announcement comes less than two days after The Herald’s in-depth reporting brought forward direct concerns from Pembrokeshire business owners and councillors, highlighting the uncertainty facing one of Wales’ most important local industries.

Herald reporting credited by senior councillor

Pembrokeshire County Council Independent Group Leader Cllr Huw Carnhuan Murphy publicly thanked The Herald for pushing the issue into the spotlight.

In a statement shared on Wednesday, Cllr Murphy said: “Welcome news from Welsh Government. Thanks to Tom Sinclair for running this important item in the Herald in relation to the revaluation of businesses and the consequences it will have for many.

He added: “Newyddion S4C hefyd am redeg y stori pwysig yma ynghylch trethi busnes.,” which in English is “and thanks to S4C Newyddion as well for running this important story about business taxes.”

He added that the Independent Group “will always campaign to support our tourism and agriculture industry, on which so many residents rely within Pembrokeshire”.

Media spotlight increased pressure on Cardiff Bay

On Monday, ministers said business rates plans would be outlined “within the next two weeks”.
By Wednesday afternoon — following prominent coverage on S4C and continued pressure from The Herald — Welsh Government released an early written statement outlining new support.

Industry sources told The Herald they believed the level of public concern, amplified by the media, “forced the issue up the agenda much faster than expected”.

A cautious welcome for ‘better than nothing’

Cllr Murphy welcomed the partial support, though he stressed it fell short of what many businesses had hoped for.

“This isn’t the level of support many were hoping for,” he said, “but it is certainly much better than nothing.”

Draft Budget expected soon

The full tapered support scheme will be detailed in the Welsh Government draft Budget, expected within a fortnight.

Tourism and hospitality representatives have reserved final judgment until the figures are published, but many have expressed relief that some support will continue, following weeks of uncertainty.