Study shows millennial entrepreneurs more generous than earlier generations

• Published date: 01 August 2019
• DOI: http://doi.org/10.1002/nba.30637
• Date: 01 August 2019

AUGUST 2019 NONPROFIT BUSINESS ADVISOR

7

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

DOI: 10.1002/nba

Industry News

Study shows millennial entrepreneurs more

generous than earlier generations

New research looking at the charitable giving

behaviors of business owners shows that millennial

entrepreneurs are more philanthropic than entre-

preneurs of earlier generations. As detailed in a new

survey by Fidelity Charitable:

• More than 80% of millennial business owners

say philanthropic giving is a very important activity

in their lives, versus 57% of Gen X and 48% of baby

boomers.

• The median annual donation of millennial busi-

ness owners was $13,654 in 2017, more than twice

the median donation of Gen X and baby boomer

entrepreneurs.

• Millennial entrepreneurs are more generous

with their time as well, with 93% reporting that they

spent time volunteering in 2017, compared to 74%

of boomers.

• Millennial business owners are already planning

their charitable legacies, with nearly two-thirds al-

ready planning to leave money to charity after they’re

gone, compared to just 46% of boomers.

According to the report, a close look at the giv-

ing activities and attitudes of business owners from

the three different generations shows a clear divide

between the “traditional and intentional” boomers,

the “optimistic and active” millennials and the Gen

Xers who fall in the middle, sharing qualities with

both the other groups. For example:

• Millennial entrepreneurs want to be involved,

with 90% valuing charities that offer meaningful vol-

unteer opportunities. More than half say volunteering

is a chance to learn new skills, compared to a third

of Gen X and only 20% of boomers.

• Younger entrepreneurs see charitable giving

as a way to build their reputation, with 84% saying

they value giving as an opportunity to demonstrate

leadership in the community. And 74% value having

their contributions recognized publicly, compared to

only 19% of boomers, the report said.

Civic 50 Awards show increasingly strategic corporate philanthropy

An analysis of the 50 most “exemplary” corporate

giving programs in the country—as determined by

global nonprot Points of Light for its annual Civic

50 Awards program—offers charities valuable in-

sight into the latest trends in corporate philanthropy.

As in past years, this year’s honorees were ranked

based on four key dimensions of their U.S. com-

munity engagement programs—investment, integra-

tion, institutionalization and impact.

Looking at the programs and policies of the top

50, Points of Light noted the following common

characteristics of the honorees:

• They engage in increasingly sophisticated giving.

According to Points of Light, corporate grants are

getting more integrated, with nearly half of the Civ-

ic 50 companies making multifaceted investments

where their grants are combined with additional

support such as employee volunteerism, in-kind

goods or multiyear pledges.

• They are integrating their core business func-

tions. Corporate community involvement programs

are becoming increasingly integrated with other

business functions, Points of Light said. The busi-

ness functions most commonly intertwined with

community involvement initiatives are employee

engagement, marketing/PR, and diversity and

inclusion.

• Community involvement is increasingly included

in performance reviews and goal setting. Just over

60% of the Civic 50 companies include community

engagement in performance reviews of their executive

leadership, and 86% include it in department goals.

• Social impact and outcome measurement. About

two-thirds of the Civic 50 companies measure the

outcomes and social impact of their grants as part

of a regularly implemented data-collection process.

And the majority also measure the outcomes from

integrating their community involvement with other

business functions.

For a more detailed analysis of the honorees’ phi-

lanthropy programs, visit https://www.pointsoight.

org/the-civic-50. ■

(See MILLENNIALS on page 8)