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Gen Zers and millennials are giving away more than their parents did, according to a new study from Bank of America.
The survey of more than 1,000 donors with more than $3 million in investible assets found that younger donors under the age of 43 are more likely to volunteer, fundraise, and act as mentors for causes, while donors over the age of 44 were more than twice as likely to give due to "obligation" than younger donors, Bloomberg reports.
The younger wealthy are still building their fortunes and inheriting their wealth, so they're more likely to give their time and help fundraise.
advisors say.
Since many younger donors inherited their wealth, they're far more likely to use giving vehicles created by their family.
Some of the differences between generations may be rooted in life cycles and wealth.
But the implications of the generational shift in giving will be profound for wealth advisors and nonprofits, advisors say.
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