Giving is a common trait to all the three clearly defined generations of today. Most people who can afford it pick causes that move them and give regularly. How we give and what causes we tend to give to are where we differ. Understanding how each generation and each type of audience gives is paramount to nonprofits, crowdfunding campaigners and anybody who is striving to drive social good. This helps them plan their strategies to reach out to potential donors.
Matures and baby boomers
Baby boomers are responsible for over 40% of charitable donations made in America, constituting the largest population of givers from a single generation. In India and many other parts of the world, matures and boomers are the most known to give to religious causes and initiatives to improve the lives of underprivileged communities than any other. Matures are specifically likely to support veteran causes and support emergency relief measures. These generations prefer to use their wealth to drive causes and volunteered majorly for religious causes.
Gen X and millennials
These are the generations that began crowdfunding for the first time! 60% of charitable donations made today around the world are through online donations, a large part through crowdfunding. This goes to show most of the world’s causes are driven majorly by millennials and gen X members. These generations are witnessed to constitute the major support behind causes like health, environment, animals, child development and initiatives that support victims of abuse and psychological disorders like depression.
Most millennials have been giving on online platforms constantly for years now and have recently started switching to mobile giving. Some may be finding fundraising stories through social media while others may use apps. Over 80% of millennials of average earning have donated to causes in 2014! Millennials were the first to not only give, also encourage giving among their networks to causes they love. It is common for a millennial to educate herself on how crowdfunding works and drive a cause for the greater good within her community.
As the generations pass, there is a clear change in the way we give. While matures were the philanthropists, collecting wealth throughout their careers and sparing a share for charity, generation Z members have expressed their passion to inculcate giving and making a difference into their careers. 30% of children and adults born after 1996 have already given. Over 75% express concern for the wellbeing of the planet.
While we have observed that matures and baby boomers rarely indulge in giving to campaigns on crowdfunding platforms, generation X and millennials account for a large portion of the donors on these websites. 1 in 10 children among gen Z expressed their desires to start their own charity. The term “philanthrokids” was coined when children and youth crowdfunding started to become a trend. What inspires us the most is that generation Z is the most passionate about driving social impact and wants to make it a part of their daily lives.