Beyond the Numbers Financial Advisor eNewsletter
Millennial entrepreneurs lead in giving
Millennial entrepreneurs lead the pack when it comes to giving and volunteering, according to a new study by Fidelity Charitable.
Giving back is a high priority among most entrepreneurs. The typical entrepreneur volunteers more frequently and gives 50 percent more to charities and community causes than non-entrepreneurs.
But Millennial entrepreneurs are pioneering new ways to give more, and more effectively, than older generations of entrepreneurs. They are more passionate about giving than either Gen X or Boomer business owners, with 80% of Millennial business owners saying that giving is very important to them, versus only half of Gen X and Boomers.
The median annual donation of Millennial entrepreneurs was almost $14,000 in 2017, more than twice the amount of Gen X and Baby Boomer entrepreneurs. Giving back is also a crucial part of their estate planning. Nearly two-thirds of Millennial business owners plan to leave money to charity, versus fewer than half of Boomers.
Millennial entrepreneurs also want to be far more involved and connected with causes they care about. They are far more likely to combine their money, time, and skills for greater philanthropic impact. 90% value charities that offer meaningful volunteer opportunities, and 93% volunteer their time, compared to 74% of Boomers. More than half say that volunteering is a chance to learn new skills, compared to a third of Gen X and only 20% of Boomers.
Younger entrepreneurs see giving as a core definition of their personal success, with 84% valuing giving as an opportunity to demonstrate leadership in their community. 74% value having their contributions recognized publicly, compared to only 19% of Boomers.
This article is a publication of Life Stage Insights, a client discovery and engagement system for financial advisors.