Millennials continue to drive change in many aspects of society. This group has changed the way people get around using ride-sharing applications and are now bringing change to the way philanthropy is done.
Power in Millennials
First thing that should be pointed out is that millennials are definitely becoming an incredibly important part of the philanthropic world. It is true that older generations are able to give more to organizations, but it seems like this young generation is a lot more giving. Millennials are riddled with student loan debt and earn less than older generations, yet they are still willing to help as much as they can. The desire to help only gets stronger as this young generation grows older.
Engaged Through Sharing
The millennial generation has grown up in a time where sharing has become a lot simpler. In this world, a world where everything is shared easily, it has become easier to become part of a community of like-minded people and to share progress. Millennials post the things they are doing online, and it encourages others to do the same. The community that this generation creates online not only helps encourage others, but it also promotes innovation because social media does tend to reward uniqueness.
Verge of a Wealth Transfer
Millennials may be earning a lot less than older generations, but that does not mean this group of people are not looking at a massive wealth transfer in the future. It is estimated that about $30 trillion may be transferring into the hands of some lucky millennials from older generations of entrepreneurs who are retiring. This massive amount of money is relocating into the hands of young people who love to give and truly believe that they can be a force for change. Some believe that non-profits are going to experience a surge in support due to the big heart that many in this generation seem to be carrying around.
Storytelling is Vital
Millennials know that it is easy to share what an organization is doing with the money that is being donated. This generation expects organizations to share several stories and get donors involved in their efforts through social media. Furthermore, some of these individuals want organizations to offer hands-on ways to help because many millennials value experience more than older generations; plus, it gives them an opportunity to take a photograph or record a video to share later.
These are just some of the ways philanthropy is entering a new era through millennials.