Some 70 per cent of charities have seen a decrease in cash donations over the last three years, according to survey results published by the Institute of Fundraising.
The survey results, released by the IoF as part of its submission to the HMRC’s consultation on cash and digital payments, showed that 171 of 245 member organisations surveyed reported either a significant or slight decrease in the volume of cash donations since 2015.
The survey also showed that some 86 per cent predicted that cash donations would either significantly or slightly decrease further over the next five years.
The government, in its call for evidence on cash and digital payments in the new economy, predicted that by 2026 cash payments will account for just 21 per cent of all financial transactions. This is down from over 60 per cent of payments by volume in 2006.
Survey respondents were also asked about the size of their organisation in terms of total annual income: 49 per cent said they worked for organisations turning over between £1m and £10m a year; 29 per cent worked for organisations turning over up to £1m a year and 20 per cent worked for organisations with an annual income in excess of £10m a year.