Millennials in America are getting more involved in philanthropic activities compared to their previous generation of wealthy clients, a new survey from UBS Wealth Management Americas has revealed.

Compared to their Boomers parents, US Millennials are more likely to view themselves as philanthropists (26% vs. 18%), expressing more passion about the causes they support.

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The UBS’ Q4 2014 Investor Watch: Doing Well at doing Good, that surveyed 2,210 US investors, found that wealthy young people aged between 21 and 36 are more likely than any other generation to have donated to a new organisation in the last year, as well as respond to and make social media requests for donations, UBS found. The findings also revealed that beyond their commitment to philanthropy, Millennials are trying to do things ‘differently’.

 

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Source: UBS

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Young investors lead the way in aligning their wealth with their values by engaging in values-based investing, and making buying and career decisions based on their core values.

These new findings reflect the results of UBS’ Q1 2014 Investor Watch: Think you know the Next Gen investor? Think again, which found that Millennials are neither lazy, nor entitled.

Among the causes of their generous donations, Millennials gravitate toward those focused on practical outcomes, such as fighting diseases, supporting kids’ programs, and reducing harmful behaviours (e.g., anti-bullying), the report illustrated.

 

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Source: UBS

 

Overall, UBS said despite of recent economic uncertainty, America’s ‘giving gene’ is alive and well. Nearly all millionaires give their money or time to charitable causes; 91% have donated money or volunteered time in the last year, and the majority (55%) have done both.

In the last decade, 36% of US millionaires have increased their donations, while few (9%) have decreased them, according to the survey.