More to Give: London Millennials Networking for a Better World
London is giving an estimated £5.6 billion a year in cash to charities, representing 29% of all private giving in the UK. This first ever estimate of London’s cash contribution to charity is one of the key findings of More to Give: London Millennials Networking for a Better World, a new report commissioned by City Philanthropy.
The research also reveals that US style funding networks are taking hold in London and could generate £20m in charitable funding a year and thousands of hours of pro bono support if just 1% of London employees became engaged in them.
Professor Cathy Pharoah of Cass Business School’s Centre for Charitable Giving and Philanthropy who co-authored the report, says: “Representing 29% of all UK giving, London is more than keeping pace with its contribution to UK GDP at 22%. But London is also home to many of the UK’s wealthiest people so we need to raise the bar on what we expect, and ensure that the City fulfils its potential as a hotspot for philanthropy.”
The report highlights an opportunity to increase London’s future annual giving by £20m through donor-led networks such as BeyondMe, City Funding Network and BeMore that are growing in popularity. There are currently around 80 giving networks across the UK and Ireland, and the report surveyed in depth more than 100 members of networks located in, or connected with, London.
The research reveals London’s workers believe they should use their business expertise to support charitable causes, with over four-fifths of network members in London wanting to use their skills and professional experience to make a difference, and three-quarters saying their involvement in giving has improved their own leadership and motivational skills.
Peter White, Senior Associate at PwC and BeyondMe network member says: “There are many ways to give back. I encourage anyone passionate about a social issue to get involved. By tackling a cause with friends and colleagues, you can make a greater difference. I’ve found BeyondMe’s model of donating time, skills and money a powerful approach to create social impact. BeyondMe also helps develop my leadership skills, expand my network and is an experience I enjoy.”
City Philanthropy’s Cheryl Chapman, says: “We know that giving networks are well-suited to the city where there is a concentration of businesses, young workers and charities, and where wealth and need exist side by side. There is an opportunity to really grow this millennial-led movement and we are calling on London’s businesses to support giving networks as part of their CSR commitment and help them achieve their potential.”
The survey shows that two-fifths of network members want to increase the amount they give to charities and do more volunteering. Key motivations are improving their local community and creating an impact with their donation.
Kate Marsh, Chief Executive of City Funding Network (CFN) whose combined funding networks have brought together over 6,000 people to raise £8 million for social change charities says:
“CFN is a great platform to enable city professionals to not only expand their professional network, but meet other like-minded people who care about the society they live in. Live crowdfunding is fun, inspiring and a powerful way to make a difference.”
Former Lord Mayor of London, Dame Fiona Woolf, who created City Giving Day to celebrate the Square Mile’s philanthropy, is supporting the new movement in philanthropy among a younger generation. Dame Fiona Woolf says: “This report bears a hugely exciting message based on real evidence. We must do whatever is necessary to help young people fulfil their philanthropic potential.”
The report calls on employers and companies to support the development of work-based networks as part of their Corporate Social Responsibility (CSR) and company giving programmes. It highlights the need for further investment in London’s giving networks in order to substantially increase donations of time and money, and recommends raising awareness of giving networks amongst trade bodies, schools and universities.
The first More to Give report, published earlier this year, is available here