Bank of America Study Reveals Gen Z and Millennial Donors Adopt Diverse Philanthropy Approaches
A new study by Bank of America Private Bank highlights how younger donors, particularly from Generation Z and Millennials, are reshaping philanthropy. These groups support an average of 12 charitable causes compared to eight among wealthy donors overall and use a broader range of giving tools such as trusts, family foundations, fundraising, and mentorship. Despite their active engagement in philanthropy—89% of wealthy Americans gave to charity in 2025—confidence in the next generation's readiness to continue these efforts has declined. Only 47% believe Gen Z is prepared for leadership roles in family philanthropy, down from 55% in 2024. The study also shows a shift away from direct cash donations among younger donors and an increased focus on impact-driven giving tied to personal values or beliefs.
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Topics: Generational Giving Trends Philanthropy Wealth Management