Like most family philanthropists, you’ve got succession planning on your mind. And for good reason.
According to the Stanford Social Innovation Review, “In the next 20 years, an estimated $30 trillion will be inherited in the United States as the large and prosperous Baby Boomer generation passes its wealth on to the next generation. This is the largest wealth transfer in human history, and may be the single greatest opportunity for philanthropy in the modern era.”
The next generation is poised to take the helm at a pivotal moment.
To add to this challenge, the incoming generation (whether X, Y, or Z) has a significantly different worldview than their parents.
After all, they’ve witnessed big changes in the world since their parents and grandparents were young. Technology has made its way into nearly every aspect of everyday life, giving younger generations high expectations for speed and efficiency. They’ve also adapted to new realities like an uncertain economy, school shootings, and climate change, prompting an urgency to act and see tangible results.
It’s not surprising that there’s a sense of impatience as the next generation becomes more actively involved in family giving. If they encounter disorganized data or unclear outcomes, it can be confusing and frustrating. Younger generations are data-driven. And in the absence of good data, they’re unsure how to navigate their new role.
Current foundation leaders may interpret this impatience as disengagement and worry the next generation won’t follow through on the mission they set forth. However, it’s just the opposite. Young foundation leaders recognize that data is crucial to making fair and equitable grantmaking decisions, so their pushback on traditional methods actually reflects a desire to make a bigger impact.
Grant management software can set foundations up for success by making sense of their data—and open up a productive dialogue between generations in the process.
Read the full article about technology can bridge the divide between generations by Melissa Greiner at the National Center for Family Philanthropy.
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