The US Charity Market is currently at over $400B in annual donations and growing rapidly. Many large and established organizations project future engagement based on these historical trends and the past performance and behavior of their supporters.
However, a new day is dawning!
The greatest intergenerational wealth transfer in history is under way. According to the Wealth Transfer Report (Boston University) over $40 trillion will transfer from baby boomers to younger generations by the year 2051. According to the Institute for Preparing Heirs, 20,000 estates worth over $20 million are transitioned to inheritors each year. This unprecedented wealth transfer has made this next generation of wealth holders the subject of great interest; who are they, what encourages them to be brand loyal, what encourages them to give, and what can be done to inspire greater loyalty and giving from them.
It has become evident that the next-generation of donors are the most socially collaborative and involved generation in history.
While they maintain a desire to maintain their family legacy they are more socially motivated in both their style of giving and to whom the give. The Charities Aid Foundation (CAF) surveyed over 6,000 next-gen wealth holders under the age of 30 and observed, “they want to give collaboratively with their peers. They say ‘let’s do something’ and then begin the process of how to do it with other people in their peer circles and community.”
Are you positioned to capture the hearts and minds of this next-gen, socially driven, deeply collaborative ‘let’s do something’ philanthropist?