Decade‐long research project boils down key traits of millennial donors

• Date: 01 November 2019
• DOI: http://doi.org/10.1002/nba.30677
• Published date: 01 November 2019

NOVEMBER 2019 NONPROFIT BUSINESS ADVISOR

7

© 2019 Wiley Periodicals, Inc., A Wiley Company • All rights reserved

DOI: 10.1002/nba

Nonprot Research

Decade-long research project boils down key

traits of millennial donors

The last in a series of research reports looking at

the giving practices of millennials lays out a compre-

hensive portrait of this cohort and how it engages

with social issues—a resource that could prove helpful

for nonprots as they increasingly target this up-and-

coming generation of donors and volunteers.

The nal Millennial Impact Report from Achieve

and the Case Foundation concludes a decade of

research tracking what millennials have to offer, and

what they expect, when it comes to philanthropy. The

report drew on survey data looking at the behaviors

and preferences of more than 150,000 millennials and

boiled that down to a handful of traits that character-

ize their approaches to cause engagement:

• They treat all their assets—time, money, purchas-

ing power, social network, etc. —as having equal value.

Per the report, “This generation does not prize being

a nancial donor above being a volunteer, or activat-

ing their peer network as more valuable than signing

a petition. When they are inspired to do something,

they see their behavior (no matter what it is) as sig-

nicant support.”

• They are “everyday changemakers,” and believe in

the power of activism. According to the report, “Mil-

lennials exhibit social good in small acts they perform

every day: making an impulsive point-of-sale dona-

tion, bidding in an online charity auction, getting

their friends together for a bike ride for charity, pur-

chasing a product that supports its indigenous maker

or from a company that shares its prots to help ll a

need.” And they rmly believe that traditional forms

of activism, like voting, signing and circulating peti-

tions, and attending protests and marches, are still

the most inuential way to bring about social change.

• They care about social issues rather than institu-

tions, so their support—be it volunteerism or cash do-

nations—usually doesn’t go to a single organization.

Poll shows disconnect between afuent donors and their children

Recent research conducted by wealth manage-

ment rm Key Private Bank shows that afuent

donors are not passing down their affinity for

philanthropy to their children—in fact, most don’t

even discuss such matters.

The latest survey of KPB’s roster of wealth ad-

visors—who help high-net-worth individuals with

their philanthropy—looked at the key triggers for

giving, including differences in opinion among

parents and children; the biggest challenges clients

face and common philanthropy mistakes; and steps

the rm’s clients are taking to measure the impact

of their donations.

Among the survey’s ndings:

• Eighty-two percent of advisors say only “some”

or “hardly any” of their clients involve the next

generation in family philanthropy.

• Environmental/sustainability causes receive

the most amount of support from children (59%)

and the least amount of support from parents (3%).

• Religious/faith-based causes receive the most

amount of support from parents (73%) and the least

amount of support from children (3%)—represent-

ing the largest divide between parents and children.

• More than half of advisors (57%) say the

generational differences seen in philanthropy

strategy stem from a lack of conversation and/or

participation in giving discussions among parents

and children.

• A third of advisors cite a lack of child involve-

ment in giving conversations, while one-fourth point

to a lack of parent transparency around giving

strategy.

According to Anne Marie Levin, the national

director of family wealth legacy planning services at

KPB, the survey illustrates a need for HNW donors

to engage with their children and involve them in

their philanthropy, overcoming generational dif-

ferences to nd common ground in terms of estate

planning and philanthropy’s role in it.

For more information, visit https://bit.

ly/2nd3t3I. ■

(See MILLENNIALS on page 8)