More than two-thirds of Gen Z and millennials have given a financial donation over the past year, according to a new study from charitable services provider Foundation Source.
Those surveyed were ages 18-43, with millennials reporting an average income of $98,000 and Gen Z $59,000. Only 27% of respondents wanted to be labeled as a “philanthropist,” instead preferring to be described as a giver (80%), advocate (63%) or change-maker (55%).
“Aging myself, ‘charity’ was the word, and then it kinda morphed into ‘philanthropy,’ ” Gillian Howell, head of client advisory solutions at Foundation Source, told Crain Currency. “And now ‘philanthropy,’ ‘philanthropist’ is becoming an aged word as well. It’s more givers, advocates and change-makers.”
Over 1,000 Gen Z and millennial respondents were surveyed in the study — which found 87% of millennials made a financial donation over the past year, compared with 71% of Gen Z.
More than one-third of Foundation Source’s Gen Z and millennial respondents were unfamiliar with the terms “impact investing” or “trust-based philanthropy,” while 30% had never heard of donor-advised funds.
“There’s a huge opportunity for families and certainly advisers to help Gen Z and millennials be even more impactful in their philanthropy,” Howell said. “These family values are more caught than taught.
“Let your children witness your giving, and don’t shield them from it. They develop those values through observation, experimentation, experience and feedback. They watch their parents closely and develop and enhance those values by observing.”