Generous Britons are donating more than a billion pounds a year to needy causes through regular recurring payments, a new study by online finance assistant Bean suggests.
More than one in ten (10.5%) current account owners has a charity direct debit set up – with the average monthly donation being £14.38, according to data from 1,091 bank accounts.
With an estimated 55.8m of the UK’s adults owning current accounts*, this is equivalent to a total of £84,594,707.14 per month – or £1.015bn a year – being donated to needy causes by recurring payments from 5,882,803 account owners.
Oxfam is the biggest beneficiary, netting 14.8% of the donations, with Cancer Research UK second (13%) and the NSPCC and the World Wildlife Fund joint third (8.7%).
Bean founder Peter Myatt said: “While most of us will have donated cash to a collecting tin from time to time, nearly six million have gone to the trouble of setting up a recurring payment and are donating every single month. This is particularly useful for charities, which rely on a predictable income. This sort of generosity really warms the heart.”
Bean helps people to avoid wasting money by connecting to individual bank and credit card accounts to track all regular payments, including subscriptions and household bills, alerting users to opportunities to switch or cancel.
Visit Bean at www.usebean.com.