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Business

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

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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

Loss-making Haverfordwest Airport has official new operators

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HAVERFORDWEST’S airport officially has a private operator, which has leased the previously loss-making council-owned facility, promising to “breathe new life into such an iconic gateway”.

Back in 2024, members of Pembrokeshire County Council’s Cabinet supported the leasing of the council-run Withybush Airport as part of plans to make the facility cost-neutral to the authority.

In 2023, Cabinet members heard the financial position at the council-supported Haverfordwest/Withybush airport deteriorated in 2022/23, with an out-turn position for 2022/23 of £238,000.

That loss was been reduced to an expected £119,000 for 2023/24 “following an extensive review of the operations of the airport”.

Cabinet members, back in 2024, heard there would be a requirement on leases to obtain/keep a CAA [Civil Aviation Authority] Cat II licence and at a market rent, which would “make the airport cost-neutral to the council from the day the lease is signed, whilst also ensuring that an operational airport remains for Pembrokeshire to benefit from”.

Deputy Leader Cllr Paul Miller at the time said: “The airport is a valuable facility and one I’m keen to maintain; I personally recognise that maintaining an ongoing public subsidy is not something we’re particularly keen to do indefinitely.”

He added: “What the lease, we believe, will do is maintain a franchising CAT II airport in Haverfordwest and remove our liability from day one.”

At the March 2025 meeting of Pembrokeshire County Council’s Services Overview and Scrutiny Committee, members heard the final paperwork was “on track” to hand the airport over to the new operators by the start of April, with the facility becoming “cost-neutral” to the authority “from the moment it’s handed over to the operator”.

On April 1, Haverfordwest Airport Limited took the lease on the airport, officially taking over its management from the council.

Haverfordwest Airport Limited has said: “We are absolutely thrilled to be a part of this exciting new chapter as the proud operators of Haverfordwest Airport.

“This is a remarkable opportunity for us to breathe new life into such an iconic gateway, and we are committed to enhancing the airport’s facilities and services for the benefit of the community, visitors, and businesses alike.

“We also recognise the importance of Haverfordwest Airport to the emergency services, and we are dedicated to continuing our support for their vital operations, 24/7, 365 days a year.

“We would like to acknowledge the hard work of Pembrokeshire County Council in getting us to this point, and we look forward to driving the airport’s growth, innovation, and connectivity in the years ahead.”

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Business

£20m investment to unlock Cardiff Airport’s potential and drive South Wales growth

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THE WELSH Government has confirmed the first phase of a major new investment package for Cardiff Airport, pledging £20 million to boost economic development and secure the long-term future of the site.

The funding marks the beginning of a ten-year programme designed to harness the airport’s capacity as a strategic asset for Wales. The scheme is expected to drive further growth across the South Wales region and create new opportunities in aviation, logistics, and employment.

Announcing the investment on Wednesday (Apr 2), Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans MS, said the Welsh Government had completed due diligence on the proposals, including a review by the Competition and Markets Authority.

Ms Evans said: “We remain committed to the growth of this essential economic infrastructure, which currently generates over £200 million in Gross Value Added (GVA) annually and supports thousands of jobs in the South Wales region.”

Plans under the investment include potential development of aircraft maintenance facilities, improved cargo handling capabilities, and support for general aviation. Some of the funding will also be used to explore new air routes, with an emphasis on improving connectivity and Wales’ presence in global markets.

The £20 million commitment follows a previous announcement in July 2024, where the Welsh Government outlined its ambition to make Cardiff Airport a catalyst for economic expansion in Wales. This latest funding, according to Ms Evans, will help the region realise that vision and support a “vibrant and outward-facing” national economy.

Officials will monitor the impact of the funding throughout the ten-year period, with performance reviews planned and a focus on minimising subsidies while delivering value for money.

A record of the financial award will be published on the UK subsidy transparency database.

However, the decision has sparked criticism from the Welsh Conservatives, who renewed their call for the airport to be sold to the private sector.

Welsh Conservative Shadow Cabinet Secretary for Transport and Infrastructure, Peter Fox MS, said: “The Labour Government’s decision to inject the first £20 million of a planned £200 million into Cardiff Airport will bring the total amount of Welsh taxpayer money invested to over £200 million.

“Cardiff Airport is a financial burden on the Labour Welsh Government and Welsh taxpayers, and it is time for Labour to finally do the right thing and sell the airport to the private sector.

“Ministers in Cardiff Bay lack the essential expertise to manage an airport. That is why an experienced corporation in the private sector, with proven industry knowledge, would be better placed to ensure the airport not only survives but thrives.”

The Herald understands that further investment decisions will be made as the programme progresses, depending on the outcomes and economic impact of the initial phase.

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Business

West Wales tourist attraction’s new water park hopes

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WEST WALES could have a new water park attraction in proposals being mooted by the award-winning Moody Cow Farm Shop and Welsh Kitchen, near Aberaeron, Ceredigion.

The award-winning Moody Cow Farm Shop and Welsh Kitchen, along with Bargoed Farm, is owned by Chris and Geraint Thomas.

The couple moved to the derelict farm in 2010 after previously diversifying their cattle farm in the Brecon Beacons, but then losing everything due to legal issues.

They completely transformed the site before opening Bargoed Farm Campsite in 2018 and using wooden hot tubs as a unique way to bring in customers.

Chris and Geraint then launched The Moody Cow Farm Shop and Welsh Kitchen, serving up a wide range of Welsh dishes created using local ingredients.

Over the years, the attraction has expanded, recently gaining permission for a trampoline park on-site, called the ‘Bouncing Bull,’ and, back in 2023, was given planning permission expand its on-site caravan park with new tourer pitches with hot tubs, and glamping accommodation.

Bargoed Farm has now launched a public consultation on proposals to expand the attraction with a water park and leisure facility.

Details of exactly what is proposed have not been released yet.

The consultation, available online through surveymonkey or from Bargoed Farm, says: “Bargoed Farm is planning an exciting new indoor and outdoor waterpark and leisure facility, designed to provide year-round water-based activities for visitors and the local community.

“This new development will include indoor and outdoor swimming pools, thrilling water slides, a dedicated training pool, a children’s splash area, and a warm activity pool, ensuring that people of all ages and abilities can enjoy high-quality aquatic experiences in all seasons.

“Our aim is to create a premier leisure attraction in Mid Wales, offering family fun, fitness, and relaxation, while also supporting the local economy by drawing more visitors to the area.

“As we progress with the planning and development of this project, we are committed to ensuring that the views and needs of both local residents and visitors are fully considered. This survey has been created to gather your feedback on how you would use the facility, what features are most important to you, and how we can make it as accessible and enjoyable as possible.

“Your insights will directly influence the final design of the waterpark, helping us to shape it into a valuable asset for the local community and a must-visit destination for tourists.

“By taking part, you are helping to ensure that this development is designed in a way that best serves those who will use it most.

“We greatly appreciate your time in completing this survey.

“Whether you are a local resident looking for improved swimming facilities, a visitor who would love a high-quality waterpark in the region, or a business owner interested in how this could boost the local economy, your feedback is essential in shaping the future of this exciting new project.”

Bargoed Farm, which publicised the proposals on March 31/April 1, has confirmed the scheme was not an April Fools.

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