Millennials and Gen-Z are reshaping philanthropy and ushering in a new era of giving. A report by payment app Zelle found that nearly 75% of Millennials provided financial support to family, friends or nonprofits since the Covid-19 pandemic began — the highest rate among any generation polled.

Younger generations of philanthropists are mobilizing rapidly to support causes they believe in, sharing these causes on social media and crowdfunding donations. An example of this trend occurred earlier this year when the Pet Alliance of Greater Orlando experienced overwhelming donations after a deadly fire destroyed their location. News coverage of this incident reached thousands on social media, resulting in a flood of new donors supporting the organization. In fact, according to Pet Alliance executive director Steve Bardy, the organization typically receives donations from about 10,000 donors per year — but in seven days, they had more than 12,000 donors, raising hundreds of thousands of dollars to rebuild their office.

The spirit of generosity and passion for impact among younger donors is awe-inspiring. But to harness it, nonprofit organizations must welcome a new generation of highly engaged, impact-driven supporters looking for deep connections and measurable outcomes as key elements of their philanthropy.

Unlocking the full potential of next-gen philanthropists will take a focused and sustained effort by nonprofits, but those who crack the code can reap the reward of gaining not just donors but co-creators and vested partners for good.

Read the full article about millennials and giving by Shelley Hoss at Forbes.