Millennial entrepreneurs lead the pack when it comes to giving and volunteering, according to a new study.1
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.
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1. Fidelity Charitable, 2019
This publication is designed to provide general information and is for discussion purposes only. The effectiveness of any strategy is dependent upon each individual’s facts and circumstances. This article does not provide legal, tax or account advice. Because of the possibility of human or mechanical error, the accuracy, adequacy, completeness or availability of any information is not guaranteed.