Wealthy Gen Z and Millennial Donors Redefine Philanthropy

New research from Bank of America Private Bank reveals that Gen Z and Millennial donors now support an average of 12 charitable causes, significantly higher than the average of eight across all wealthy demographics. This shift represents a move away from simple cash contributions—preferred by 92% of Boomer and Silent Generation donors—toward complex instruments like charitable trusts, family foundations, and active mentorship programs. Despite this increased engagement, parental confidence in the next generation's ability to steward family philanthropy has dropped, with only 47% of wealthy individuals believing their successors are prepared for the task, down from 55% in 2024.

Jennifer Chandler, Head of Philanthropic Solutions at Bank of America Private Bank, notes that the challenge lies in bridging the gap between established traditions and the desire for modern impact. While 87% of younger donors express a commitment to honoring family legacies, an equal 86% prioritize carving out their own distinct charitable identities. This evolution is mirrored in broader trends, as 49% of wealthy Americans reported volunteering their time in 2025, up from 42% in 2023. As donors seek more personalized ways to influence change, donor-advised funds are seeing increased adoption, particularly among younger cohorts, though many potential users still cite a lack of clarity regarding how these vehicles function.