Did you know that more millennials (also known as Generation Y) have donated to charities more than previous generations? Add a dash of $41 trillion of inherited wealth to come, their passion for donating to and helping causes, and you have a very healthy recipe for charitable donors!
Still skeptical? Here are 5 Reasons Why it’s Time to Start Taking Millennial Donors Seriously:
1. The number of mature donors is declining.
The majority of nonprofits are focusing their efforts on older generations. And why not? They’re the ones giving the large gifts right now. But as the mature donor gives way to younger generations of donor, if a nonprofit continue to only target matures, they’ll find their fund sources drying up. Are you ‘priming your funnel’ with the next generation?
2. Gen Y’s parents taught them well.
Baby Boomer’s have been quite the giving generation – even after they had kids, who by the way, are Generation Y. And you’re probably already familiar with the fact that children adopt many of their parents’ traits (whether they like it or not)! Gen Y’s good charitable donation habits are no different.
In fact, 89.4% of younger generations say their philanthropic activities are influenced by their parents and 67% of the younger generation now donate to causes similar to their parents. – Next Gen Donors
3. They have the funds (and will soon run into more)!
Gen Y’s already account for $200 billion in purchasing power – and they’re only just coming into their prime earning period, so that number will only continue to grow. Plus, according to the Planned Giving Design Center, they’re forecasted to inherit $41 trillion of wealth. Do you have a plan of how to make sure a portion of those funds will end up in your bucket? You should.
4. Millennials are not the ‘me’ generation they’ve been labeled as.
Contrary to popular belief, millennials are not anywhere near as narcissistic, selfish, or entitled as they’re stereotyped to be. In fact, while we sometimes view this generation as penny pinchers, Generation Y is actually surprisingly generous. A recent survey conducted by World Vision found that 56% of men and 37% of women aged 18-34 have given charitable gifts, which is more than previous generations.
5. But Gen Y IS different and they require a different approach.
While recognizing the importance of this group is one thing, let’s not ignore the fact that they are fundamentally different than their parents and grandparents in many ways. In fact, they’ve grown up in an entirely dissimilar world than previous generations. As a result, their donation preferences are venturing into some very blue waters.
How are they different? Well there’s many ways, really. But the biggest two are connectedness and passion. Simply put, millennials are always connected and always communicating. More often than not, it’s through their mobile device. In fact, 62% of millennials surveyed in the previously mentioned World Vision survey donated via mobile. Not only does this generation need donation options available through mobile, they expect to be communicated with through this medium as well.
They are also full of passion – willing to dedicate more than just their wallet to a cause they believe in. The Washington Business Journal puts it best: “Today’s new members want to be members to the fullest extent of the word. The word “member” no longer means a mug and a thank you note. It’s a real, flesh-blood-and-pixel relationship now, complete with give and take.”
Want to learn more about the rise of millennial donors, their preferences, and 5 ways to capture them?
Simply download our free whitepaper: MILLENNIALS AND THE MOBILE GOLDMINE: YOUR NEXT GENERATION OF CHARITABLE DONATIONS at the top of the right sidebar >>>>>
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