These are changing times indeed. For some in our community, events over the last eighteen months have provided unparalleled opportunities, while for others, they have brought great instability and fear.
Here in the Northern Rivers we have all the ingredients for a stable, if not thriving local economy, and confidence in our region’s growth is higher than ever. However, recent developments have brought with them new challenges that are proving to significantly affect the wellbeing and security of many in our region.
The most vulnerable and most privileged are in most cases two worlds that rarely come together, it doesn’t matter where you go. Up until now the Northern Rivers has somehow managed to elude such a situation, as our reputation for being different to the status quo proceeds us, almost like the land of utopia where harmony and love prevails above all else.
This rapidly widening gap between the “haves” and “have nots” appears to be dividing us like never before though. As a community, we have the opportunity now to set a fine example, and send a powerful message to the rest of Australia, if not the world, about what it really means to be a community, and the commitment we all need to make to look out for those left behind in the wake of Covid-19.
If we ask ourselves how this increasing divide is working for us, it would be hard to say we’ve got it right. Aside from Covid-19, anxiety and depression are the epidemics of the 21st Century.
Our collective efforts over the coming months and years have the potential to make a real and lasting difference, not only in the lives of those in need, but for our community as a whole. Such a sentiment is reflected no better than in the words of Mahatma Gandhi when he said, “the true measure of any society can be found in how it treats its’ most vulnerable members.”
For our culturally rich and diverse community to be “well”, it requires a very different approach – a collective vision that if embraced, would put the Northern Rivers on the map for a very different reason. And if we get this right, we all benefit – those suffering would suffer less, and those who help ease their suffering would be happier. It really is that simple.
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Ancient wisdom across many traditions, particularly in Buddhist philosophy advocates the merits of kindness and compassion as the path to happiness. According to research, aside from reducing stress, depression and blood pressure, the process of “gift-giving” results in our brains releasing serotonin (the mood mediating chemical), dopamine (the feel-good chemical) and oxytocin (the compassion and bonding chemical), which all in all, brings us a sense of joy, peace and basically makes us feel better about ourselves.
Giving comes in many forms, from individual donations to workplace and legacy giving. The extent of our generosity depends on many factors including our personality, family values, life experience and religion. From education to health, human services, the environment, the Arts, or a religious organisation, for most of us, giving has played a part in our life somewhere along the way.
Philanthropy is the desire to promote the welfare of others through the donation of money to good causes. As we sail these unchartered waters of Covid-19, and our trust in the institutions that many of us used to hold in high esteem diminishes, there has never been a more important time for philanthropy in our community.
We hope for the best as we do everything in our power to eliminate this pandemic whilst continuing to deal with climate change, the disadvantage facing our First Nations citizens, and alarming rise in domestic violence and mental ill-health issues. Add to this the need to better provide dignified care for our elderly, a good start to life for our young people and support for our artists and storytellers, there is much work to do.
Should philanthropy be alive and kicking in our community, and more of us choose to walk beside those who are struggling, ours could be very different story. This could be a place that is not only beautiful to look at, but also feels beautiful, as a sense of community that breaks down all barriers and supports our common humanity prevails.
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As a region we’re a wealthy lot. In the next ten years, over two billion dollars in wealth is expected to transfer to the next generation between Ballina, Byron, Mullumbimby and Lennox Head alone, which is rather a lot of money in anyone’s books!
If 5% of these households bequeathed 5% of their estate, $50m will transfer into community within 5 years, and an additional $55m in 6-10 years. That’s over $100m for the benefit of our most vulnerable citizens and precious local environment.
Currently 91% of the wealth across these four suburbs is held by people over 65 years of age, and is expected to rise to 93% in the next 6-10 years*. And with baby boomers soon heading into retirement, they will collectively set-off one of the largest inter-generational wealth transfers in history.
Transfer of wealth typically occurs at the time of death, and is the moment when legacy giving and community give-back is the greatest. The opportunity for families to share in the joy that comes with investing a portion of inheritance for the benefit of the community that supports them in so many ways is a worthy consideration indeed.
Since 2005, the Northern Rivers Community Foundation has been responding to the changing needs of our community by connecting those who care with those in need. Embedded in the community we serve, based on community empowerment, ownership and leadership, and with deep local knowledge and networks, NRCF partners with community organisations and philanthropists seeking to support positive change, build social equity and ensure the success of community development initiatives in the future.
The Foundation is here for the long-term, and through our bequest program and perpetual funds, provide a smart and convenient way for families to create a legacy in line with what they stand for, and that their children’s children can be truly proud of.
Including a charity in your Will is a very personal decision and one that needs to be carefully considered. The act of bequeathing to an organisation like NRCF is a special thing for any family as they decide on their contribution for the greater good, and the cause they feel the most drawn to. It also provides parents with a practical and inspiring platform to pass on their family’s values and ensure that the intent of their charitable legacy is carried out over successive generations. Whatever the amount bequeathed or donated as a living legacy, every contribution is invaluable.
When people who want to see change come together, wonderful things happen. Former Chair, and now Patron of NRCF, John Callanan said in his speech at a donor event in April this year, “my dad used to say, it’s better to give than receive and I didn’t believe him – I thought it was religious brainwashing to fill the collection plate on Sunday, but now I know that he was right. And I am not the only one – Saint Francis of Assisi said, “For it is in the giving that we receive”, Winston Churchill was quoted as saying, “We make a living by what we get. We make a life by what we give” and Anne Frank whilst hiding from the Germans during the second world-war wrote in her diary, “No one has ever become poor by giving.”
The chance for donors who share in a collective goal to connect at functions that feel more like a wedding than a charity event, and meet the recipients of grants made possible through their donation is all part of the experience. NRCF donors are friends for life, and together experience the satisfaction and joy that only the act of genuine philanthropy can bring.
Written by Joanne Heath
* Source: SEER Insights, Intergenerational Wealth Transfer Dataset Key: seer-igtw-nr
Disclaimer: every effort has been taken in the preparation of these insights to ensure accuracy. We accept no liability or loss for the use or interpretation of any information contained in these insights. The insights have been compiled from a range of sources including third party data and publicly available, and The Echo cannot guarantee it as suitable, complete, or accurate for any specific purpose.