“There has never been a better time to invest in legacy”
The CSO has released its review of our national stats for 2022.
There were 35,477 deaths registered in 2022, of which 18,346 were male and 17,131 were female. This equates to a death rate of 7.0 deaths per 1,000 population. The 2022 figure is 19% higher than in 2012 when 28,848 deaths were registered. This partly explains the growth in legacy income to charities in Ireland in that time.Perhaps, more importantly, as we look ahead, we see significantly larger populations of older people in Ireland today. There were almost 100,000 more people aged 70+ in Ireland in 2022 than in 2017 – an increase of over 21%.
Research by Campaign Solutions with the Dublin Probate Office in 2022 / 2023 has also discovered new information as to when a person’s final will was written. In a review of almost 200 wills, two thirds had been written or updated in a person’s final 8 years (41.6% in final 4 years and 24.9% 5-8 years from passing). 22% were made in a person’s final two years.
What Does this Mean for Charities?
- A small but wonderful group of people like to leave bequests.
- Many others don’t know it is an option.
- The population of Ireland is ageing and the death rate increasing.
- Wealth is increasing and there is a huge wealth transfer already underway in Ireland.
- Some charity boards and CEO’s put off investing in (or even thinking about) legacy as they think it will take too long for a return or don’t want to address the issue.
- A good legacy programme can be started on a very small budget, allocating some of a person’s time is crucial however.
- True it can take a number of years to see a financial return, but with the dramatic demographic changes unfolding in Ireland, “there has never been a better time to invest in legacy”. So says Niall O’Sullivan, Founder of Campaign Solutions and Legacy Insights.
Campaign Solutions undertakes legacy related research, provides training and can help your charity develop a legacy plan. The time is now.
CSO 2022 summary report available here: