From CNBC: 2024-10-10 15:11:15

Wealthy millennials and Gen Zers are changing charitable giving, focusing on activism over donations. More likely to volunteer, fundraise, and mentor, they seek public recognition for philanthropy. These young philanthropists aim to play an active role in solving social and environmental issues, reshaping the charitable landscape.

Older and younger multi-millionaires are highly charitable, with 91% donating in the past year. Younger donors under 43 are more inclined to volunteer, fundraise, and mentor, while older donors feel a sense of responsibility to give. The disparity stems partly from life cycles, as younger donors are still building wealth.

Young wealthy donors prioritize causes like homelessness, social justice, and climate change. They are driven by peer networks and activism, deploying a variety of giving tools like charitable trusts and donor-advised funds. Wealth advisors and nonprofits must adapt to engage and support the distinctive philanthropic values of the next generation.

Young donors value public recognition for their philanthropic efforts. They prefer terms like “giver” or “changemaker” over “philanthropist,” underscoring their desire to be seen as activists. Advisors emphasize the importance of celebrating and praising these young donors, who are reshaping the landscape of charitable giving by involving themselves deeply in the causes they care about.



Read more at CNBC: Wealthy millennials, Gen Z are redefining philanthropy