Business

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

Published

2 years 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

Pembroke Power Station marks 10,000th turbine start

Published

1 day ago

February 26, 2026

Tom Sinclair

Milestone highlights growing importance of flexible gas generation as renewables expand

PEMBROKE POWER STATION has reached a major operational milestone after recording the 10,000th start of its combined cycle gas turbine (CCGT) units — underlining the plant’s continuing role in keeping the UK electricity system stable as renewable energy increases.

The RWE-owned power station, which opened in 2011, was originally designed to run almost continuously. However, as wind and solar generation have grown, the facility now operates far more flexibly, starting and stopping units to respond to changes in electricity demand and renewable output.

All five generating units now operate across multi-shift patterns, helping to balance the grid when renewable supply drops or when rapid increases in power are required.

Engineers at the site have also significantly improved performance over time. Start-up times have been reduced from around 70 minutes to just 41 minutes, allowing the station to respond more quickly to fluctuations in supply and demand. The units have also completed multiple major maintenance cycles while maintaining high reliability, including during the Covid-19 pandemic.

Gas-fired power remains a key part of Britain’s energy mix, providing what industry experts describe as “firm and flexible” generation capacity. While renewable sources are expected to supply the majority of electricity in the future, gas stations continue to provide backup and stability when renewable output is low or unpredictable.

Roland Long, RWE Pembroke Power Station Manager, said: “Reaching 10,000 unit starts is a proud moment for everyone at Pembroke. It highlights not just our operational capability but the vital contribution that flexible gas generation makes to the UK’s energy system.

“As the grid becomes increasingly driven by renewables, our ability to start quickly and run when needed ensures security of supply and reinforces Pembroke’s role as a dependable partner in the nation’s energy transition.”

The milestone reinforces the ongoing importance of flexible gas generation in supporting homes and businesses across the UK with secure and reliable electricity, particularly as the country continues to move towards lower-carbon energy sources.

Business

Business confidence in Wales dips during February

Published

1 day ago

February 26, 2026

Tom Sinclair

Firms remain positive but optimism weakens compared to UK average

BUSINESS confidence in Wales fell slightly during February, with firms reporting lower optimism about both their own performance and the wider economy.

The latest Business Barometer from Lloyds shows overall confidence in Wales dropped three points to 29%, compared with 32% in January. This contrasts with the UK picture, where confidence remained unchanged at 44%.

Companies reported reduced confidence in their own trading prospects, down three points to 35%, while optimism in the broader economy fell five points to 22%.

Despite the dip, many Welsh businesses said they are continuing to pursue growth plans over the next six months. The top priorities identified were investing in staff through training (71%), developing new products or services (52%), and entering new markets (29%).

The monthly Business Barometer surveys around 1,200 businesses across the UK and has been running since 2002, providing an early indicator of economic trends.

Across the UK, confidence in firms’ own trading prospects fell six points to 53%, although optimism about the wider economy rose eight points to 36%. London recorded the highest regional confidence in February at 59%, followed by the North West and Northern Ireland, both at 58%.

Sector results were mixed. Construction saw a significant rise in confidence, up 14 points to 60%, while manufacturing increased five points to 37%. Retail and service sector confidence dipped slightly, down two and three points respectively.

Nathan Morgan, area director for Wales at Lloyds, said businesses in Wales remain focused on growth despite short-term uncertainty.

He said: “While business confidence dipped this month, we know Welsh businesses are continuing to press ahead with their growth strategies. Whether their plans are to upskill their teams, enter new markets or diversify product and service offerings, we’ll continue to be ready to provide our support.”

Hann-Ju Ho, senior economist at Lloyds Commercial Banking, said the wider economic outlook appeared to be stabilising.

He said: “It’s encouraging to see optimism in the wider economy returning, although with a small reduction in firms’ confidence in their own trading prospects. The majority of the survey results were collected following the Bank of England’s close decision to hold interest rates at its February meeting, signalling potential easing ahead, which may have alleviated business concerns, including those around cost pressures.

“The rise in pricing expectations to a six-month high may indicate firms are looking to rebuild their margins in 2026. It’s also great to see confidence increase for manufacturers and construction firms as they are key for UK growth.”

Business

Celtic Freeport secures £638,000 for strategic infrastructure projects

Published

2 days ago

February 25, 2026

Tom Sinclair

THE CELTIC FREEPORT has secured £638,000 in UK Government funding to support key infrastructure projects in Pembroke Dock and Port Talbot, helping to unlock future investment and accelerate development linked to floating offshore wind and clean energy industries.

The funding forms part of a wider £3.3 million package announced for sixteen Industrial Strategy Zone projects across the UK. The three successful Celtic Freeport schemes will focus on removing development barriers and preparing sites for future commercial activity.

Successful projects

Criterion Quay, Pembroke Dock — £213,000

Funding will support technical assessments required to enable floating offshore wind operations and maintenance (O&M) infrastructure at the site.

Talbot Wharf, Port Talbot — £265,000

Land remediation works will improve the viability of development plots, making them more attractive to companies within the floating offshore wind supply chain.

Port Talbot Marine Infrastructure — £160,000

Feasibility and design work will be carried out to refurbish two jetties, supporting future import and export activity and strengthening marine capability at the port.

Rt Hon Steve Reed MP, Secretary of State for Housing, Communities and Local Government, said:“From offshore wind manufacturing on the Humber to new clean energy facilities in Pembrokeshire, this backing for our freeports will generate real economic growth across the country. By tackling the barriers developers face early on, we’re helping to unlock significant private investment and create thousands of good jobs in clean energy and advanced manufacturing.”

Luciana Ciubotariu, Chief Executive of Celtic Freeport, said: “Today marks a significant milestone for Pembroke Dock and Port Talbot. Securing UK Government funding for these three projects accelerates the Celtic Freeport’s vision, supporting investment in port infrastructure that will enable floating offshore wind and the wider green energy transition.”