How Future Generations Will Define Philanthropy

Millennials is not always a nice term. People typically think of this generation as a self-centered, lazy, materialistic bunch.

But, millennials are actually a lot more generous than you think.

According to an article in CNBC, millennials are on track to be the next major donors. On average, millennials donate an annual gift of $481 US dollars.

An article from the Case foundation cites that millennials practice philanthropy in the same ways as older generations. But, their underlying motivations are different. Passion, meeting people and enhancing expertise in certain fields now influence this young influential generation to contribute to their society.

The generation of coffee-drinking, small-batch draft beer preferring college-educated courageous young people, or sometimes known as millennials, who are heralding in a new age of giving. Because of this, we need to think of an “appendage” to the existing definition of philanthropy, which reflects new criteria and includes the time spent with the cause, talent one can use to benefit the cause, financial contributions donated for charitable work (even $5 per month), the influence of an individual’s voice advocating and educating others, and the potential to grow one’s network through leveraging personal and professional relationship.

Millennials are happy to participate. It’s good for nonprofits and charities to institute a set of guidelines for volunteers and donors. This way institutions can expect them to work or give within those specific parameters without risking losing your framework. Why turn away something positive and impactful just because it’s not the way you’ve always done things? Remember, millennials don’t “give” to organizations. They support causes. Because this demographic typically spends so much of their social lives on the internet, on platforms like Facebook and Instagram, they have the power to connect with hundreds of people to a cause they’re passionate about.

Nonprofits are now forced to clean up their act and be a little more transparent. This is because millennials demand engagement. These people want to be informed of where their money is going and how they are making an impact. They’d rather stay connected than donate once and forget about it. Stay in touch with these young philanthropists and philanthropy will change forever.

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