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Gen Z and millennials are widely considered to be the most diverse and socially conscious generations yet. They are vocal about their interest in driving social impact. And their values and priorities dictate their actions, all of which are actively shaping the future.
We surveyed 1,000 Gen Z and millennials between the ages of 18 and 43 to better understand their experiences and perspectives around charitable giving. The findings provide a window into the ways in which advisors could offer more tailored guidance and achieve better alignment across multigenerational, high net worth clientele. Here are the top things we learned.
- A multifaceted approach to giving: Rising generations are enthusiastic and creative about how they give back, often doing a combination of things including financial contributions, donating items, volunteering time, fundraising, and sharing expertise and knowledge.
- Money matters: Monetary donations are more common among higher earners, college graduates, employed individuals, and older members of each generation. And higher earners donate greater amounts.
- Generational changemakers: Gen Z and millennials aspire to be seen as “givers,” “advocates,” and “change-makers” rather than “philanthropists,” a term many see as outdated. They gravitate more toward terminology that they associate with contributing to a larger systemic change rather than a more passive approach of individual giving.
- Starting early: Millennials who engage in charitable activities started at an average age of 18; Gen Z started even younger — at age 14.
- Action not hampered by lack of knowledge: Awareness of formal giving approaches and tax-efficient vehicles is relatively low among both generations, implying that their gifts have the potential for higher impact as they learn more and begin taking advantage of new resources.
- Influenced by family: Gen Z and millennials give credit for their charitable impulses to having grown up in families that give back.
- Women in the lead: Across generations, women are more likely to give, and on average, they give greater amounts than their male counterparts.
