Even more insight into the words and phrases that encourage interest in planned gifts Professor Russell James III, J.D., Ph.D., CFP® Texas Tech University
Evenmoreinsightintothewordsandphrasesthatencourageinterest
inplannedgifts
ProfessorRussellJamesIII, J.D.,Ph.D.,CFP®TexasTechUniversity
Iwanttolearnmore!
Howshouldyoudescribetheseinawaythatpeoplearemostinterestedinlearningmore?• CGAs• Generalplannedgivinginformation• Bequestgifts• Generalestateplanning• Taxbenefits
Howshouldyoudescribetheminawaythatmorepeopleactuallyunderstandwhatyoumean?
Iwantoneofthose!WhatelementsofaCGAadvertisementmakethemostpeoplewanttogetone?• Describingthemas
what“you”woulddoorwhatanotherdonorhasdone?
• Usingtextaloneortextwithpictures?
• Usingpicturesofdonorsorotherpictures?
• Whatageshouldyourpictureddonorbe?
AppreciativeInquiryWhatpreliminaryquestionswerebestatincreasinginterestintheorganizationandwillingnesstogiveorleaveabequest?
Testedwithenvironmentalconservationnonprofits
Howdoyousay“CGA”sothatpeoplewillwanttoknowmore?
Supposeyouareviewingthewebsiteofacharityrepresentingacausethatisimportantinyourlife.Inadditiontoa“DonateNow”button,thefollowing
buttonsappearonthewebsite.Pleaserateyourlevelofinterestinclickingonthebuttontoreadthecorrespondinginformation.
(1) IamdefinitelyNOTinterested(2) Idon’tthinkIwouldbeinterested(3) Idon’tknowifIwouldbeinterested(4) Imightbeinterested(5) Iamdefinitelyinterested
CharitablegiftannuitiesLifeincomegiftsGetataxdeductionandmakeagiftthatpaysyouincomeforlifeGiftsthatpayyouincomeforlifeGiftsthatpayyouincome
Iamdefinitelyinterested
__%__%__%__%__%
Survey#1:2,550respondentsassignedto5differentsurveys
Iamdefinitelyinterested
5%9%26%28%29%
CharitablegiftannuitiesLifeincomegiftsGetataxdeductionandmakeagiftthatpaysyouincomeforlifeGiftsthatpayyouincomeforlifeGiftsthatpayyouincome
Survey#1:2,550respondentsassignedto5differentsurveys
Doesthisdifferforpeopleofdifferentages,orforpeople
whomakesubstantialdonations
tocharity?
CharitablegiftannuitiesLifeincomegiftsGetataxdeductionandmakeagiftthatpaysyouincomeforlifeGiftsthatpayyouincomeforlifeGiftsthatpayyouincome
IamdefinitelyinterestedAll5%9%26%
28%
29%
55+4%11%22%
25%
23%
$1k+5%10%26%
27%
26%
GroupDifferencesDonor
Survey#2(2,750respondents)
Isthereabettervariationof“Giftsthatpayyouincome”?
GiftsthatpayyouincomeGiftsthatpayyouguaranteedincomeGiftsthatpayyouGiftsthatpayyouincomeandavoidtaxesGiftsthatpay
Iamdefinitelyinterested
__%__%__%__%
__%
Survey#1:2,750respondentsassignedto5differentsurveys
GiftsthatpayyouincomeGiftsthatpayyouguaranteedincomeGiftsthatpayyouGiftsthatpayyouincomeandavoidtaxesGiftsthatpay
Iamdefinitelyinterested
30%30%29%26%
24%
Survey#1:2,750respondentsassignedto5differentsurveys
Whatdoesitmean?
Whenyouclickonthephrase,whatdoyouthink
youaregoingtosee?
Whichofthefollowingtypesofinformationwouldyouexpectwhenclickingonthebuttonlabeled"__[CGATerm]__"
(1) IdefinitelydidNOTexpectthis(2) Ididn'treallyexpectthis(3) Idon'tknowifIexpectedthis
ornot(4) IguessIexpectedthis(5) Idefinitelyexpectedthis
“Howtomakeagiftand,inreturn,receivelifetimeincomefromthecharity”
CharitablegiftannuitiesLifeincomegiftsGiftsthatpayyouincomeGetataxdeductionandmakeagiftthatpaysyouincomeforlifeGiftsthatpayyouincomeforlife
Idefinitelyexpected
this
__%__%__%__%__%
“Howtomakeagiftand,inreturn,receivelifetimeincomefromthecharity”
Whichofthefollowingtypesofinformationwouldyouexpectwhenclickingonthebutton
labeled"_______"
CharitablegiftannuitiesLifeincomegiftsGiftsthatpayyouincomeGetataxdeductionandmakeagiftthatpaysyouincomeforlifeGiftsthatpayyouincomeforlife
15%24%30%31%34%
“Howtomakeagiftand,inreturn,receivelifetimeincomefromthecharity”Idefinitelyexpected
this
Whichofthefollowingtypesofinformationwouldyouexpectwhenclickingonthebutton
labeled"_______"
CharitablegiftannuitiesLifeincomegifts
Getataxdeductionandmakeagiftthatpaysyou
incomeforlifeGiftsthatpayyouincome
forlifeGiftsthatpayyouincome
Iamdefinitelyinterested__%__%__%
__%__%
Idefinitelyexpectedthis
__%__%__%
__%__%
“Howtomakeagiftand,inreturn,receivelifetimeincomefromthecharity”
CombinedResults
CharitablegiftannuitiesLifeincomegifts
Getataxdeductionandmakeagiftthatpaysyou
incomeforlifeGiftsthatpayyouincome
forlifeGiftsthatpayyouincome
Iamdefinitelyinterested5%9%26%
28%30%
Idefinitelyexpectedthis15%24%31%
34%30%
“Howtomakeagiftand,inreturn,receivelifetimeincomefromthecharity”
CombinedResults
Previousfinding(2014survey)
InterestedNow
50%
23%
WillNeverBe
Interested
8%
19%
2014Survey,1,418Respondents,GroupF/G
Receiveataxdeductionandmakeagiftthatpaysyou
incomeforlife
Receiveataxdeductionandmakeagiftthatpaysyou
incomeforlifecalleda“Charitable
GiftAnnuity”
Whatisthebest“frontdoor”phrasetomakepeoplewanttoreadmorePGinfo?
Theyhavetobeinterestedinfindingout
more
Whatisthebest“frontdoor”phrasetogetpeopletoreadaboutplannedgivinginformation?
Theyhavetoexpecttoseeplannedgivinginformation(i.e.,not“baitandswitch”)
Theyhavetobeinterestedinfindingout
more
Supposeyouareviewingthewebsiteofacharityrepresentingacause
thatisimportantinyourlife.Inadditiontoa
“DonateNow”button,thefollowingbuttonsappearonthewebsite.Pleaserateyourlevelofinterestinclickingonthe
buttontoreadthecorrespondinginformation.
Whatisthebest“frontdoor”phrasetogetpeopletoreadaboutplannedgivinginformation?
GiftplanningPlannedgivingGivingnow&laterOtherwaystogiveOtherwaystogivesmarterOtherwaystogivecheaper,easier,andsmarter
Iamdefinitelyinterested
__%__%__%__%__%__%
Survey#1:2,550respondents
GiftplanningPlannedgivingGivingnow&laterOtherwaystogiveOtherwaystogivesmarterOtherwaystogivecheaper,easier,andsmarter
Iamdefinitelyinterested
3%4%7%16%20%23%
Survey#1:2,550respondents
Survey#2(2,750respondents)
Isthereabetterwaytophrase,“Otherwaystogivecheaper,easier,andsmarter”?
OthergiftsMorewaystogiveGiveotherwaysHowtogivecheaper,easier,andsmarterOtherwaystogivecheaper,easierandsmarter
Iamdefinitelyinterested
__%__%__%__%
__%
Survey#2:2,750respondents
OthergiftsMorewaystogiveGiveotherwaysHowtogivecheaper,easier,andsmarterOtherwaystogivecheaper,easierandsmarter
Iamdefinitelyinterested
8%14%15%21%
22%
Survey#2:2,750respondents
Whatisthebest“frontdoor”phrasetogetpeopletoreadaboutplannedgivinginformation?
Theyhavetoexpecttoseeplannedgivinginformation(i.e.,not“baitandswitch”)Whichofthefollowing
typesofinformationwouldyouexpect
whenclickingonthebuttonlabeled"_______"
1. makeagiftofstocks2. makeagiftofbonds3. makeagiftofrealestate4. makeagiftinyourwill5. makeagiftinyourlivingtrust6. makeagiftbynamingacharityasdeathbeneficiary
ofyourlifeinsurancepolicy7. makeagiftbynamingacharityasdeathbeneficiary
ofyourIRAorretirementaccount8. makeagiftbynamingacharityasdeathbeneficiary
ofyourbankaccount9. makeagiftand,inreturn,receivelifetimeincome
fromthecharity10.avoidcapitalgainstaxesbymakingcharitablegifts11.avoidestatetaxesbymakingcharitablegifts12.avoidincometaxesbymakingcharitablegifts
Whichofthefollowingtypesofinformationwouldyouexpectwhenclickingon
thebuttonlabeled"_______“?Howto…
12typesofplannedgivinginformation
GiftplanningPlannedgivingGivingnow&laterOtherwaystogiveOtherwaystogivesmarterOtherwaystogivecheaper,easier,andsmarter
Idefinitelyexpectedthis__%__%__%__%__%__%
Overallaverageforall12typesofplannedgivinginformation
GiftplanningPlannedgivingGivingnow&laterOtherwaystogiveOtherwaystogivesmarterOtherwaystogivecheaper,easier,andsmarter
Idefinitelyexpectedthis20%12%7%15%19%12%
Overallaverageforall12typesofplannedgivinginformation
GiftplanningPlannedgiving
Givingnow&laterOtherwaystogive
OtherwaystogivesmarterOtherwaystogivecheaper,
easier,andsmarter
Iamdefinitelyinterested
3%4%7%16%20%23%
Idefinitelyexpectedthis
20%12%7%15%19%12%
12typesofPGinfoaverage
CombinedResults
Shouldyoureferencetaxbenefits?Howshouldyoudoso?
InterestedNow
50%
33%
31%
WillNeverBe
Interested
8%
14%
20%
2014Survey,1,904Respondents,GroupsD/E/F
Receiveataxdeductionandmakea
giftthatpaysyouincomeforlife.
Makeagiftthatpaysyouincomeforlifeand
receiveataxdeduction.
Makeagiftthatpaysyouincomeforlife.
Previousfinding(2014survey)
InterestedNow
50%
31%
WillNeverBe
Interested
8%
20%
2014Nov.Survey,1,006Respondents,GroupsX/Y
Avoidcapitalgainstaxbymakingagiftofstocksorbondstoa
charity.
Makeagiftofstocksorbondstocharity.
Previousfinding(2014survey)
AvoidtaxesbygivingstocksHowtoavoidtaxesbygivingstocksSavetaxesbygivingstocksTaxtipswhengivingstocksAvoidingcapitalgainstaxesbygivingstocksGivingstocks
Imightbe/am
definitelyinterested
__%__%__%__%__%__%
Pleaserateyourlevelofinterestinclickingonthebuttontoreadthecorrespondinginformation.
AvoidtaxesbygivingstocksHowtoavoidtaxesbygivingstocksSavetaxesbygivingstocksTaxtipswhengivingstocksAvoidingcapitalgainstaxesbygivingstocksGivingstocks
Imightbe/am
definitelyinterested
28%27%25%24%24%16%
Pleaserateyourlevelofinterestinclickingonthebuttontoreadthecorrespondinginformation.
Howshouldyousaythatyouwanttoshareinformationaboutmakingagiftinawill?
GiftsinwillsGiftsinawillTaxtipsforgiftsinawillHowtomakegiftsinawillGiftsinyourwillWillplanningBequestgifts
Imightbe/amdefinitelyinterested
__%__%__%__%__%__%__%
GiftsinwillsGiftsinawillTaxtipsforgiftsinawillHowtomakegiftsinawillGiftsinyourwillWillplanningBequestgifts
Imightbe/amdefinitelyinterested
26%26%27%27%28%28%18%
InterestedNow
23%
12%
WillNeverBe
Interested
12%
14%
2014Survey,1,246Respondents,GroupsD/E
Makeagifttocharityinmywill
Makeabequest gifttocharity
Previousfinding(2014survey)
InterestedNow
12%
9%
WillNeverBe
Interested
26%
31%
2014Survey,1,203Respondents,GroupsD/C
Makeagiftbynamingacharityasatransfer-on-deathbeneficiary onabankaccountorretirement
account.
Makeabequest giftbynamingacharityasa
beneficiaryonabankaccountorretirement
account.
Don’tuse“Bequest”
Whataboutbroaderestate
planningterms?
WillplanningLegacyplanningLegacygivingPlanningwithtrusts&estatesEstateplanningEstategiving
Imightbe/amdefinitelyinterested
__%__%__%__%__%__%
WillplanningLegacyplanningLegacygivingPlanningwithtrusts&estatesEstateplanningEstategiving
Imightbe/amdefinitelyinterested
28%18%18%17%16%14%
Insteadofabroadestateplanningterm,whataboutalonglistof
severalterms?
GiftsinwillsGiftsinwills,trusts,orretirementaccountsGiftsinwills,trusts,retirementaccounts,orlifeinsuranceGiftsinwills&trusts
Imightbe/amdefinitelyinterested
__%__%
__%__%
GiftsinwillsGiftsinwills,trusts,orretirementaccountsGiftsinwills,trusts,retirementaccounts,orlifeinsuranceGiftsinwills&trusts
Imightbe/amdefinitelyinterested
26%25%
24%23%
Dopeopleexpecttoseeabroadrangeofestateplanninginformation?
1. Howtomakeagiftinyourwill2. Howtomakeagiftinyourlivingtrust3. Howtomakeagiftbynamingacharityasdeathbeneficiaryofyourlifeinsurancepolicy
4. HowtomakeagiftbynamingacharityasdeathbeneficiaryofyourIRAorretirementaccount
5. Howtomakeagiftbynamingacharityasdeathbeneficiaryofyourbankaccount
1. Makeagiftinyourwill2. Makeagiftinyourliving
trust3. Makeagiftbynaminga
charityasdeathbeneficiaryofyourlifeinsurancepolicy
4. MakeagiftbynamingacharityasdeathbeneficiaryofyourIRAorretirementaccount
5. Makeagiftbynamingacharityasdeathbeneficiaryofyourbankaccount
Giftsinwills
82%49%
51%
48%
52%
EstatePlanning
64%53%
48%
46%
46%
Giftsinwills,trusts,retirementaccountsorlifeinsurance
80%76%
63%
59%
50%
Idefinitely/guess I
expectedthis
1. Makeagiftinyourwill2. Makeagiftinyourliving
trust3. Makeagiftbynaminga
charityasdeathbeneficiaryofyourlifeinsurancepolicy
4. MakeagiftbynamingacharityasdeathbeneficiaryofyourIRAorretirementaccount
5. Makeagiftbynamingacharityasdeathbeneficiaryofyourbankaccount
Giftsinwills
82%49%
51%
48%
52%
EstatePlanning
64%53%
48%
46%
46%
Giftsinwills,trusts,retirementaccountsorlifeinsurance
80%76%
63%
59%
50%
Imightbe/amdefinitelyinterested26% 16% 24%
TestingCharitable
GiftAnnuityAdMessages
What“you”woulddoorwhatanotherdonorhasdone?
Pleaserateyourinterestinpursuingtheabovedescribedcharitablegivingarrangement
InterestedNowDefinitely/somewhat/slightly
All:____%55+:____%
All:____%55+:____%
Pleaserateyourinterestinpursuingtheabovedescribedcharitablegivingarrangement
All:38.6%55+:38.6%
All:33.5%55+:23.2%
InterestedNowDefinitely/somewhat/slightly
What“you”woulddoorwhatanotherdonorhasdone?
Textonlyortextanddonorpicture?
All:___%55+:___%
All:___%55+:___%
Pleaserateyourinterestinpursuingtheabovedescribedcharitablegivingarrangement:%Interestednow(definitely/somewhat/slightly)
Textonlyortextanddonorpicture?
All:38.6%55+:38.6%
All:31.1%55+:29.8%
Pleaserateyourinterestinpursuingtheabovedescribedcharitablegivingarrangement:%Interestednow(definitely/somewhat/slightly)
What’stheproblemwiththedonorpicture?Isitjustthisphoto?Thisdonorage?Isitphotosingeneralorwhat?
55+___%
___%
___%
Interestednow(definitely/somewhat/slightly)
35-54___%
___%
___%
U-35___%
___%
___%
55+24.4%
22.0%
41.1%
Interestednow(definitely/somewhat/slightly)
35-5438.4%
47.4%
30.6%
U-3544.5%
32.6%
30.2%
Howdothesecomparewithtextonlyoranon-donorphoto?
55+
1st44.4%
3rd28.3%
24.4%22.0%41.1%
Interestednow(definitely/somewhat /slightly)
YoungMiddleOlder
35-54
3rd40.1%
2nd44.6%
38.4%47.4%30.6%
U-35
3rd34.7%
2nd36.4%
44.5%32.6%30.2%
All
1st40.1%
2nd36.5%
35.8%34.0%34.0%
AgematcheddonorpicturesareOK
Otherwise,usetextonlyoradifferentpicture
Socialnormsaremorepowerfulwhentheexamplesarelikeme
YoucansupportGolomolo bydonating20Swedishcrowns.73%ofLinnaeusUniversitystudentswhowere
askedforacontributionhavedonated20SwedishcrownstoGolomolo.
YoucansupportGolomolo bydonating20Swedishcrowns.73%ofUniversitystudentsinSwedenwhowereaskedforacontributionhavedonated20SwedishcrownstoGolomolo.
YoucansupportGolomolo bydonating20
Swedishcrowns.
Agerström,J.,Carlsson,R.,Nicklasson,L.,&Guntell,L.(2016).Usingdescriptivesocialnormstoincreasecharitablegiving:Thepoweroflocalnorms. JournalofEconomicPsychology, 52,147-153.
AvoiddeathlanguagePreviousfindings
• Peoplearelessinterestedin“makeagifttocharityinmylastwill&testamentthatwilltakeeffectatmydeath”thanwhenthefinalphraseisremoved.
• Storiesoflivingbequestdonorsaremoreinfluentialthanotherwiseidenticalstoriesofdeceasedbequestdonors
NewfindingReplacing“iftheannuityholderlives
uptodifferentages”with
“dependingontheagewhenthe
annuityholderdies”and“eachyearyoulive”with“untilyoudie”reducesthoseinterestedinpurchasinganannuityfrom36%to26%.Solving theannuitypuzzle:Theroleofmortalitysalienceinretirementsavings decumulationdecisions, Journal ofConsumer Psychology,2016(forthcoming), L.C.Salisbury & G.Y.Nenkov
Preliminaryreminderquestionsthatincreasedwillingnesstogiveto
environmentalconservationorganizations
FamilyConnectionsDoyouhavemoreorlessthantwofamilymemberswhoconsiderconservingthenaturalenvironmenttobeimportant?
Werethereanyfamilymembersinyourlifewhowereparticularlyinfluentialinshapingyourviewsontheimportanceofnature
conservation?(Checkanythatapply)__Grandmother __Grandfather__Aunt __Uncle__Mother __Father__Sibling__Otherfamilymember
Increasedratingoforganizationalimportanceandwillingnesstodonate,butnottoleaveabequest(withouta
tributemechanism).
Inanearliersurvey,1in4increasedtheirintentiontoleaveacharitablebequestwhengiventheoptionto“honorafriendorfamilymemberbymakingamemorialgifttocharityinmylastwill&testament”
Simplelanguageandstartingwithhonor
InterestedNow
32%23%13%
WillNeverBe
Interested
11%17%21%
2014Survey,1,961Respondents,GroupsY/B/H
Honorafamilymemberbymakingatribute gifttocharityinmywill
Honorafriendorfamilymemberbymakingamemorial giftto
charityinmylastwill&testament
Makeabequest gifttocharityinmylastwill&testamentinhonorofafriendorfamilymemberwhowaspassionateaboutthecharity'swork
Domemorial ortributebequestsworkbetter orworsefordifferentfamilymembers?
Ascendants– YesFriendsanddescendants- No
multivariateregressionsonintentionoverallandpost-reminderchange
Strongpositive1. Grandmother2. Grandfather3. Grandparents4. Aunt5. Uncle6. Mother
StrongnegativeFriendGirl/BoyfriendDaughterBoy/BoysGirl/GirlsKidsNephewBrother
Werethereanyfamilymembersinyourlifewhowereparticularlyinfluentialinshapingyourviewsonthe
importanceofnatureconservation?
MorewillingtogiveorbequesttoconservationNPOGrandmotherAuntMother
NotstatisticallysignificantGrandfatherUncleFather
Ifyouhappenedtocompleteanewwillinthenext3months,whatisthepercentagelikelihoodyoumightleaveaBEQUEST
giftto[org]?1,125participants
Thisincreasedratingoforganizationalimportance,willingnesstodonate,andleaveabequest,butwasnotthe
strongestreminderforeithergivingorbequest
LegacyQuestionsPleaseratetheimportancetoyouofthefollowing(1) Beingagoodexampleforthe
nextgeneration.(2)Makingalastingimpactinthe
world.(3)Insuringthatyourvalueswillberememberedbyfuturegenerations.
Thisgeneratedthestrongestintentiontoleaveabequest.But,allreminderssetscombinedwerebetterthananyone
setbyitself
LifeQuestionsAtwhatagedidyoufirstbegintothinkabouttheimportanceofconservingthenaturalenvironment?__childhood__highschool__my20s__my30sorlaterWhichofthefollowinghavebeenimportantinyourlife?
TimeIhavespentoutdoorsTimeIhavespentonariverTimeIhavespentinaforest
TimeIhavespentonalakeMylifeexperienceswithwildlifeMylifeexperienceswithwildbirdsMylifeexperienceswithtreesandplants.
Evenmoreinsightintothewordsandphrasesthatencourageinterest
inplannedgifts
ProfessorRussellJamesIII, J.D.,Ph.D.,CFP®TexasTechUniversity