What is the opportunity for North East Victoria?
Australia is set to encounter the largest intergenerational transfer of wealth in history over the next 50 years. This will happen, in part, as baby boomers get older and pass on their assets to loved ones. The huge transfer of wealth presents a major opportunity for rural and regional communities in particular to have a new conversation about how they can unlock these assets for community benefit.
Into Our Hands Community Foundation is exploring what our futures might look like if more of us were to contribute some of our assets, or wealth, back into local projects to create a lasting local legacy beyond our lifetime.
What could you do for your community?
Investing in our community will ensure future generations in Alpine Victoria, Indigo, Mansﬁeld and Wangaratta can continue to thrive and grow. We have the capacity right now to help our communities thrive and prosper if everyone committed to making just a small philanthropic contribution.
Imagine if regional areas had their own community controlled funds and assets to invest in their own projects and aspirations
- Into Our Hands Community Foundation supports regional economic development, well-being and funding for rural and regional projects.
- Research from the USA shows that greatest value in philanthropic donations is achieved when they are directed to small, new and rural community foundations.
- In the next 5 years $495,000,000 in wealth will be transferred from
one generation to the next in Wangaratta alone.
- This money can be used for scholarships, apprenticeships, arts projects and precincts, community support groups, food share and other philanthropic organisations, schools and more.
If people gave 1% of wealth in their estates to foundations and charities in Wangaratta, Indigo, Alpine and Mansﬁeld, this would invest $25 million back into the local economy over 10 years
- North East Victoria contributes approximate $3.24 billion to the state’s economic wealth every year.
- Over the next 50 years, North East Victoria is expected to transfer $17.5 billion to the next generation. This is the largest intergenerational transfer of wealth in history.
- By planning now, we can prepare for the peak transfer of wealth between 2041 and 2045 and use it to beneﬁt our communities in the Wangaratta, Indigo, Alpine and Mansﬁeld LGAs.
If 10% of households in North East Victoria donated 5% of their wealth to a community chest, it would grow to reach $10 million in 8 years.
From now until 2025, approximately $1.16 billion in household wealth will be transferred from the Wangaratta, Indigo, Alpine and Mansﬁeld LGAs.
If 10% of households in North East Victoria donated 5% ($25,000 to $35,000 based on average household wealth in the region) of their wealth to a community foundation like Into Our Hands, our community chest would grow to:
- $1.5 million in 2 years = $60,000 in community grants per year
- $5 million in 5 years = $200,000 in community grants per year
- $10 million in 8 years = $400,000 in community grants per year
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DOWNLOAD the full Into our Hands Community Foundation & Seer Data & Analytics, Our Prosperity Realised. Growing Community Philanthropy and Regional Development in North East Victoria. Technical Report. (11 December 2019)
The data on this page has come from Australia’s ﬁrst wealth transfer report Into our Hands Community Foundation & Seer Data & Analytics, Our Prosperity Realised. Growing Community Philanthropy and Regional Development in North East Victoria. Technical Report. (11 December 2019). This report has been prepared by Into Our Hands Community Foundation and Seer Data & Analytics, with support from the Foundation for Rural and Regional Renewal (FRRR) and the June Canavan Foundation. It estimates, in 5-year intervals from 2016–2066, household wealth transfer in North East Victoria by age, gender, household type and locality.
Do you want to make a difference?
Consider a gift in your will and your support will help our region prosper into the future.
Talk to us today about how a percentage of your estate could be a lasting gift for the community you love.
You can leave a gift in your will (bequest) to any of our Into Our Hands Community Foundation funds, establish your own sub-fund or leave a general bequest directly to Into Our Hands Community Foundation. We can ensure your wishes and values are honoured so that your donation achieves positive impacts for our local places and people.
Your bequest can be an asset or a monetary amount and it can be:
- Pecuniary (ﬁxed and speciﬁed amount)
- Residuary (the remaining value of the estate when all other bequests have been made and liabilities have been paid)
- Reversionary (this allows your surviving partner to beneﬁt from your estate during their lifetime and then for the balance of the estate to be paid philanthropically on their death)
All donations to Into Our Hands are invested in perpetuity so they can continue to beneﬁt the community well into the future.
We have multiple funds operating to support a diverse range of needs in the community. Donors can set up their own fund, or direct their gift to one of our existing funds they want to support.
Jack Herry GIVE Wangaratta Donor
Into Our Hands – Our History