September 6th 2024.
When most Australians have $25,000 in their bank account, they usually have a few options in mind. They could buy a brand-new car, put a deposit down on a small unit, or even book a luxurious holiday. However, Mary Lansell has a different plan in mind. She has decided to give her money away.
"I wish I could have given more, but my family might have something to say about that," Mary told 9news.com.au with a chuckle. The 73-year-old from Melbourne is part of a growing number of Australians who are choosing to leave a charitable gift in their will. Mary has decided to leave her money to the Peter MacCallum Cancer Centre.
In the last ten years alone, Include a Charity has seen a significant increase in the number of charitable gifts in wills. As Australia's population continues to age, more and more people are considering where their wealth will go after they pass away. "As part of the Baby Boomer generation, we know that our time is limited, and we have the opportunity to make a difference through a donation," Mary explained. "I'm not sure about the next two generations, because it seems like they are struggling to even buy a house."
The ABS data from 2020 shows that Australians aged 65 and over make up 16% of the total population, and this percentage is expected to continue to rise. By 2066, it is predicted that older Australians will make up over 20% of the population. Additionally, older Australians tend to be wealthier than their younger counterparts. In 2017/2018, households with at least one member over 65 had an average net worth 1.5 times greater than younger households, according to the Australian Institute of Health and Welfare.
Despite this, Legacy Foresight research has shown that only 25% of Baby Boomers are open to leaving gifts in their wills, compared to 33% of Gen X individuals. Mary hopes to see this figure change dramatically. "As a Baby Boomer myself, I know that we had it pretty good. Apart from some bumps along the way, we had a pretty smooth ride," she said. "But the next two generations don't seem to have the same financial security as we did, with the 'bank of mum and dad' being their only option for a long time."
For Mary, leaving a charitable gift in her will is not only a responsible use of her wealth, but also a way to give back to the next generation. Diagnosed with lymphoma in 2010 and again a few years later, she received exceptional treatment and support from the Peter MacCallum Cancer Centre. "My cancer is guaranteed to come back, so I know I will have to rely on their services again before I pass away," she shared. That's why she has decided to leave $25,000 to the charity, to ensure that they can continue to provide vital services to others in need.
"It was an easy decision for me to make, knowing that Peter Mac, not just my family, is a deserving institution. They are a wonderful group of people," Mary said. She also hopes to increase the amount of money she leaves to the charity before she passes away. Her family is aware of her intentions, and she doesn't expect any pushback from them.
Unfortunately, up to 60% of Australians, or about 10 million individuals, do not have a legally binding will. Some may feel they are too young, while others simply don't want to think about dying. Include a Charity hopes to change this by encouraging Australians to create a will and consider leaving a charitable gift during this Include a Charity Week.
The Australian government has set a goal to double philanthropic giving by 2030, and increasing gifts in wills could play a significant role in achieving this. Currently, gifts in wills contribute approximately $1.6 billion to annual fundraising revenue, according to IAC research. This number is expected to increase by 300% in the next 25 years. "We want leaving a charitable gift in your will to become the norm for everyone," said Helen Beeby, Campaign Director for Include a Charity.
Aside from helping fund vital charities throughout the country, Mary believes that leaving a charitable gift in your will can also provide comfort to loved ones after you pass away. "But you don't have to wait until you die to make a difference," she added. Mary has been volunteering at the Peter MacCallum Cancer Centre for ten years and, instead of buying her a "frivolous" present, her family donates to the charity in her name every year. "I don't even have to ask them anymore, they just give me a check," she laughed. She then matches their donation with one of her own.
The $25,000 that she plans to leave to the charity when she dies will just be the final gesture in her lifetime of giving back. She hopes that others will follow her lead and consider leaving charitable gifts in their wills. "Until I leave this planet, I will be an ambassador for it," Mary declared.
Please note that the information provided on this website is general in nature and does not constitute personal financial advice. It has been prepared without taking into account your personal objectives, financial situation, or needs. Before acting on any information on this website, you should consider whether it is appropriate for your specific circumstances.
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