Lissa Jones-Lofgren facilitated another incredible session on October 19, 2021 featuring a customized artistic expression by Brittany Delaney. Panelists and respondents included: Aretha Green-Rupert, Sam Eberhart, Tony Sanneh, Flor Treviño Frey, Julia Kaemmer, Wendy Lovell-Smith and Andrew Dayton from The Constellation Fund. Financial analysts assert that the next 25 years will bring about the largest inter-generational wealth transfer in history, with Millennials and Generation Xers poised to inherit over $60 trillion in assets from parents and grandparents. So what does all of this mean for the next generation of philanthropy? What approaches can we consider to facilitate more buy-in and investment for this new generation of philanthropist? We know that younger generations’ interests and giving patterns are much different from their predecessors.
Research shows that Millennial and Gen X donors, generally speaking, are more likely to support efforts that impact children and human rights and less likely to support religious institutions when compared to their Baby Boomer and Silent Generation counterparts. Studies also show that earlier generations tend to prioritize causes that meet the basic needs of individuals, whereas younger donors appear to have a greater interest in changing the community and the world. Generational giving patterns are often shaped by the economic, social, and political context that defines each group, which may contribute to younger generations’ interest in equity and social justice. Further, younger generations place a greater emphasis on experiences, such as volunteerism and advocacy, as an important component of philanthropy.
As Baby Boomers and the Silent Generation begin to confer stewardship of their wealth, how do they pass on their commitment to philanthropy to their posterity? And how does the younger generation honor their parents’ legacy while charting a charitable course that is meaningful to them? This installment of the Disrupting with Purpose series brought together a diverse panel of philanthropists to discuss these and other issues.
*The views, thoughts, and opinions expressed by speakers, panelists, guests, and other participants are solely their own and do not reflect the views, opinions, policies, or position of Youthprise.
