The majority of wealthy Americans (91%) make charitable contributions, but the reasons, goals, and approaches for giving differ by generation and gender, according to recent research from Bank of America Private Bank.
The most popular type of charitable activity is direct giving, which involves making a financial commitment. Younger contributors (ages 21–43) on the other hand, value taking on direct roles in the community, including mentoring, fundraising, volunteering, and board membership.
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Escalent, an independent market research firm, performed the online poll on behalf of Bank of America Private Bank.
The poll included 1,007 high-net-worth (HNW) respondents across the United States. Respondents in the survey were at least 21 years old and owned at least $3m in investable assets, excluding their primary residence. The survey was nationally representative and not necessarily involving Bank of America’s wealth and investment management businesses.
Impact of philanthropy varies with age
Philanthropic motivations and priorities differ significantly across generations, according to the study.
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By GlobalDataWhile both younger and older donors are driven by the desire to make a lasting impact (63% younger vs. 69% older), older individuals are more likely to feel a sense of obligation (56% older vs. 25% younger).
Younger donors focus on causes like homelessness (41% vs. 21%), human rights (33% vs. 18%), and climate change (32% vs. 17%), while older donors prioritise religious organisations (41% vs. 18%), animal welfare (32% vs. 25%), and military causes (24% vs. 15%).
Additionally, younger philanthropists, often inheritors of wealth, are more likely to use modern giving vehicles like charitable trusts and family foundations. They are also more inclined to seek public recognition for their efforts (27% vs. 8%), in contrast to older donors, who tend to give anonymously (69%).
Gender influences philanthropic preferences and involvement.
Men are twice as likely as women to participate in philanthropy as a result of their spouse or partner’s influence (16% men vs. 8% women), and they are slightly more likely to support hunger and poverty causes (45% men vs. 40% women).
Women, on the other hand, are substantially more likely than men to donate to groups that benefit women and girls (23% vs. 12%). Women also take on more responsibility for introducing their children to charity, with 46% reporting that women lead these discussions, compared to 35% for men.
Intergenerational scepticism
While 88% of younger donors believe their generation is ready to take on philanthropic leadership, and 86% think they will outperform previous generations, only 50% of older donors share that confidence.
Younger donors often approach philanthropy differently (80%) but maintain their parents’ commitment to giving back (88%).
In contrast, older donors believe their children follow a similar philanthropic approach (67%) but show less commitment to the cause (73%). This gap highlights differing views on the future of charitable giving between generations.
Jennifer Chandler, head of philanthropic solutions at Bank of America Private Bank stated: “Our 2024 study reveals a common thread among high-net-worth individuals: a strong desire to make a positive change with lasting impact. However, responses also make it clear that there’s more than one way to achieve that goal. Generational and gender experiences shape worldviews and values, influencing cause selection and how people give.”
