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

Holiday lets allowed to stay at Narberth dairy farm

Published

9 hours ago

December 5, 2025

Bruce Sinclair - Local Democracy Reporter

A CALL for a Pembrokeshire dairy farm to keep two “alternative” holiday pods sited without permission as a way of diversifying in an uncertain industry has been given the go-ahead.

In an application recommended for approval at the December meeting of Pembrokeshire County Council’s planning committee, Vaynor Farm Ltd sought retrospective permission for the siting of two self-catering holiday accommodation pods at The Cart House, Vaynor Farm, Bethesda, near Narberth as part of a farm diversification enterprise.

It was before committee members as it was recommended for delegated conditional approval by senior officers despite being against the development plan.

Previous retrospective schemes, for two self-catering pods along with an application to retain a shepherd hut accommodation pod at another farm, a part of the Vaynor Farm farm enterprise, were refused in 2023 and 2025, the latter due to “an unjustified and harmful impact on the character and appearance of the open countryside”.

Detailing the current application, an officer report for members said the pods: Vaynor Farm Pod within the garden of The Cart House, and The Paddock Pod, on the edge of a small paddock, were constructed off-site and have been transported to their current locations, with external decking, hot tubs, a barbecue area and car parking provided for each pod.

It added: “A business plan has been submitted with the application, which explains that due to uncertainties associated with dairy farming, the applicant has sought to diversify the farm enterprise to incorporate tourism accommodation.

“The application makes the case that the proposed development represents farm diversification. It is acknowledged that the development has resulted in the provision of an alternative type of holiday accommodation for which it has been demonstrated there is a demand, contributing to the diversity and quality of accommodation available within the county and supporting an existing farm business, with consequent economic and social benefits.

“Evidence has been provided that demonstrates the extent to which the pods have provided income which has been used to support the farm business.

“However, officers consider that should planning permission be granted, a [planning obligation] will be necessary to ensure that the accommodation pods continue to support the farm business and are not separated from it at some future point in time.”

Delegated conditional approval limiting the use and occupation of the self-catering accommodation pods to short term holiday use only was moved by Cllr Brian Hall and unanimously backed by committee members.

Business

First wind turbine components arrive as LNG project moves ahead

Published

20 hours ago

December 4, 2025

Tom Sinclair

THE FIRST ship carrying major components for Dragon LNG’s new onshore wind turbines docked at Pembroke Port last week, marking the start of physical deliveries for the multi-million-pound renewable energy project.

The Maltese-registered general cargo vessel Peak Bergen berthed at Pembroke Dock on Wednesday 26^th November, bringing tower sections and other heavy components for the three Enercon turbines that will eventually stand on land adjacent to the existing gas terminal at Waterston.

A second vessel, the Irish-flagged Wilson Flex IV, has arrived in Pembroke Port today (Thursday) carrying the giant rotor blades.

The deliveries follow a successful trial convoy on 25 November, when police-escorted low-loader trailers carried dummy loads along the planned route from the port through Pembroke, past Waterloo roundabout and up the A477 to the Dragon LNG site.

Dragon LNG’s Community and Social Performance Officer, Lynette Round, confirmed the latest movements in emails to the Herald.

“The Peak Bergen arrived last week with the first components,” she said. “We are expecting another delivery tomorrow (Thursday) onboard the Wilson Flex IV. This will be blades and is currently showing an ETA of approximately 03:30.”

The £14.3 million project, approved by Welsh Ministers last year, will see three turbines with a combined capacity of up to 13.5 MW erected on company-owned land next to the LNG terminal. Once operational – expected in late 2026 – they will generate enough electricity to power the entire site, significantly reducing its carbon footprint.

The Weather conditions were favourable for the arrival of the Wilson Flex IV, which was tracking south of the Smalls at midnight.

The abnormal-load convoys carrying the components from the port to Waterston are expected to begin early next year, subject to final police and highway approvals.

A community benefit fund linked to the project will provide for residents in nearby Waterston, Llanstadwell and Neyland.

Further updates will be issued by Dragon LNG as the Port of Milford Haven as the delivery programme continues.

Photo: Martin Cavaney

Business

Cardiff Airport announces special Air France flights for Six Nations

Published

1 day 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):