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Fidelity Charitable survey shows how three generations of business owners are making an impact on philanthropy
BOSTON, MA, May 28, 2019—Millennial entrepreneurs show higher levels of charitable giving and volunteerism than entrepreneurs of earlier generations, one of many differences uncovered in a new Fidelity Charitable survey focusing on three generations of business owners. The data shows that younger entrepreneurs have different approaches to business—and to philanthropy—than those who came before.
Millennial entrepreneurs are the most highly engaged and committed to philanthropy compared with Boomers and Gen X. More than 80% of Millennial business owners say that giving is a very important activity in their lives versus 57% of Gen X and 48% of Boomers. Nearly half say charitable giving is a critical piece of who they are.
“The philanthropic landscape is changing, and our research shows that Millennial entrepreneurs are shaping a new way for charitable giving. Millennials want to feel a connection to causes they care about. While these characteristics are not limited just to the entrepreneurs of the Millennial generation, their practical impacts on philanthropy become more pronounced through the lens of entrepreneurship,” said Pamela Norley, president of Fidelity Charitable.
A closer look at the generations shows a clear divide—traditional and intentional Boomers, optimistic and active Millennials and Gen Xers who bridge the gap, sharing qualities with the generations on either side.
“We know that entrepreneurs are committed and effective philanthropists. While different generations may approach philanthropy with varying attitudes, behaviors and values, the unique giving behaviors of entrepreneurs will continue to make an outsized impact on the causes they support. Regardless of generation, entrepreneurs will continue to be a driving force for philanthropy in the world,” concluded Norley.
About Fidelity Charitable
Fidelity Charitable is an independent public charity that has helped donors support more than 278,000 nonprofit organizations with nearly $35 billion in grants. Established in 1991, Fidelity Charitable launched the first national donor-advised fund program. The mission of the organization is to grow the American tradition of philanthropy by providing programs that make charitable giving accessible, simple and effective. For more information about Fidelity Charitable, visit https://www.fidelitycharitable.org.