The face of philanthropy is changing. With an estimated 59 trillion dollars of inherited wealth passing on to Millennials and Gen Z, philanthropy is no longer the domain of the accomplished and wealthy. The next generation is motivated to share their wealth unlike ever before, seeing a massive need for change in their communities, the nation, and the world. So it’s not just the face of philanthropy that is changing, but it’s very core. Here are some ways the next generation is changing philanthropy.
One way that the next generation of philanthropists is different is they are dedicated to making change happen quickly. They are not content to throw money at a problem and then bask in the praises. They want to see the impact of their philanthropy. They will visit sites, look at hard data, and even volunteer their own time and expertise to help with a problem in addition to writing a check. This means that organizations must think differently about attracting these new donors who want to participate more in the solutions.
Profit and Philanthropy
Millennials make up the majority of the workforce, and though the stereotype is they are entitled slackers, the reality is that they just care more about what kinds of companies they work for. They are more loyal to causes and issues than brands or companies, and they want to blend their philanthropic endeavors with their careers. That’s why many prefer to work for nonprofits, B corps, or at the very least companies with a triple bottom line.
Old Meets New
One significant difference between the older generations of philanthropists and the new one is that the new one cares more about global concerns such as climate change and LGBTQ+ rights, but that’s not all they care about. Older concerns like health care and education are still high priorities; it’s just that the list of high priorities has grown. What has changed is that these younger generations would rather spend their money and time on smaller organizations to make more impact. Meaning larger institutions may have trouble courting this new generation.