Unlocking Cornwall’s philanthropic potential: why conversations about giving matter
New research commissioned by the Charities Aid Foundation reveals something we’ve long understood here at Cornwall Community Foundation: when people are supported to think about their giving, remarkable things happen.
The report, ‘Wealth advice and philanthropy’, examines what occurs when financial advisers actively discuss charitable giving with their clients. The findings are striking. If the approach that successfully doubled legacy giving was applied across all forms of charitable donations, it could unlock £820 million annually from high-net-worth donors across the UK. Over a decade, this represents more than £8 billion in additional support for charities.
What this means for Cornwall
The research reveals that only a third of high-net-worth individuals in the UK report that their financial adviser has raised philanthropy with them. This represents an enormous missed opportunity, not just for charities, but for donors themselves who want to create meaningful change in the places they care about.
In Cornwall, where strong community ties and a deep connection to place are part of our identity, we see firsthand how transformative local giving can be. From supporting isolated elderly residents to funding youth programmes in our most deprived areas, local philanthropy addresses needs that are often invisible to national funding streams. Yet conversations about giving often don’t happen, even among those who have the means and desire to give back.
Breaking down barriers to giving
One of the most interesting findings challenges a common assumption. Many financial advisers worry that discussing philanthropy might lead clients to reduce their invested assets. The research demonstrates the opposite: advice firms that offer comprehensive philanthropic guidance actually see their assets under management grow by over 15% compared to those that don’t, with client lifetime value increasing by nearly 25% over a decade.
This matters because younger generations increasingly expect their advisers to help them align their wealth with their values. Advisers who can’t facilitate these conversations risk losing clients during the great wealth transfer currently underway.
The power of simply asking
When solicitors began routinely asking clients if they’d like to include a charitable gift in their will, the proportion who did so roughly doubled. Increasing legacy donations in the UK by 96% in value between 2012 and 2024.
This demonstrates something profound: many people want to give, but they need permission, structure and support to do so. At Cornwall Community Foundation, we provide that structure through our giving options, which allow individuals and families to create a lasting charitable legacy whilst receiving expert guidance on where their support can make the greatest difference.
The Cornwall opportunity
Cornwall’s demographic profile makes this research particularly relevant. We have a growing population of older, asset-rich individuals who care deeply about the county’s future, alongside significant intergenerational wealth. Yet Cornwall also faces persistent challenges: rural isolationLack of access to people, services and transportation due to rural location., seasonal employment, inadequate public transport, youth outmigration and pockets of severe deprivation.
Even a proportionate share of the £820 million annual increase would transform what local charities can achieve.
What needs to change
The report recommends that the Financial Conduct Authority develop a strategy for training financial advisers on philanthropy, including adding it to continuing professional development requirementsSpecific terms that a project has to meet to be eligible to receive funding. For example, grants in a specific geographic location..
Creating a culture where discussing philanthropy is as routine as discussing pension planning would normalise generosity and help ensure that charitable giving is considered, strategic and effective rather than sporadic and reactive.
Our role and looking ahead
Cornwall Community Foundation exists to connect people who care with causes that matter. We provide the expertise, local knowledge and infrastructure that enables effective giving, helping donors understand Cornwall’s needs and identify high-performing grassroots organisationsGroups of people coming together on a local level to address an issue.. We also build bridges between wealth advisers and the charitable sector, providing the specialist knowledge that enables confident philanthropic conversations.
The evidence is clear: when the conversation happens, giving happens. For Cornwall, a county with deep community bonds and significant need alongside areas of wealth, this represents an extraordinary opportunity. By normalising conversations about giving and building stronger connections between wealth advisers and the charitable sector, we can unlock resources that will strengthen our communities for generations to come.
If you’re interested in establishing a charitable fundA sum of money made available for grant making, often with specific criteria/conditions., learning more about strategic giving, or exploring how your professional practice could better support clients’ philanthropic ambitions, we’d love to hear from you. Because the research shows what we’ve always known: when people are supported to give well, everyone benefits.
Cornwall Community Foundation works with individuals, families and businesses to create lasting positive change across Cornwall. We provide expert advice on charitable giving and connect donors with grassroots organisations addressing the county’s most pressing needs. To find out more, visit our website or get in touch with our team.
