Disclaimer: Views in this blog do not promote, and are not directly connected to any L&G product or service. Views are from a range of L&G investment professionals, may be specific to an author’s particular investment region or desk, and do not necessarily reflect the views of L&G. For investment professionals only.
Podcast: Do charities suffer from money illusion?
Money illusion is one of the most common behavioural biases and with nearly £30 billion held in cash, are UK charities assuming that the most cautious investment is also the safest choice?
L&G’s Nancy Kilpatrick, Head of Charities, and Andrzej Pioch, Fund Manager and Head of Risk Targeted Funds, explore the risks that may be hiding in plain sight: the risk of holding too much cash, what that actually costs charities and how Trustees could be thinking about their investments.
They discuss:
- The scale and risks of the cash challenge
- Practical first steps that Trustees can take to put their reserves to work
- How recent volatility and macro events have highlighted potential concentration risk
You can listen on Apple, Audioboom or Spotify.
This podcast is hosted by Sarka Halas, Content Manager, and was recorded on 30 March 2026.
For professional investors only. Capital at risk. Risk management cannot fully eliminate the risk of investment loss. It should be noted that diversification is no guarantee against a loss
in a declining market.
For illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security
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