Millennials are often derided as out of touch snowflakes, who are more concerned with their Instagram following than the outside world. However new research by Sharna Goldseker and Michael Moody, co-authors of Generation Impact: How Next Gen Donors Are Revolutionizing Giving, has found that the next generation of HNWs will be the pioneers of a philanthropic revolution.
According to a Boston College report, the next generation of HNWs are set to inherit an estimated £42 trillion – in what could be the largest transferal of wealth in history. But don’t fret, it won’t all be squandered on flat whites and avocado on toast; the same research found that approximately half that amount will be donated philanthropically.
“A group of millennials are bucking philanthropic trends and taking a new and modern approach to giving”
‘That $29 trillion (£21 tn) is going to go both into bequests and lifetime giving,’ says Goldseker. ‘The main difference is that the next generation are starting their charitable careers at earlier ages and as lifespan is increasing they are likely to be involved in the activity of giving for many more decades and overall have a larger impact.’ Gone is the notion that you earn your wealth during your lifetime and then allocate it later in life – the next generation doesn’t care for endowments or perpetuity funds, they want to make a difference now.
Read the full article on the next generation of giving at Spear’s Magazine
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