Report on Millenials and Giving

Millennial donors are becoming a powerful force in charitable giving. And those aged 32 to 40 are about to become the top major gift prospects. While Baby Boomers and Gen X may give more in terms of dollars, 84% of Millennials give to charity, donating an average of $481 across 3.3 organizations each year. Considering that this generation is poised to inherit trillions in wealth, these numbers are significant. Gifts will likely continue to grow as these donors earn more over their lifetime, grow investments, and inherit their parents’ wealth.

It’s critical to focus on Millennial giving as this generation grows in giving capacity. If you begin cultivating these prospects now, you’ll bring in more major gifts for years to come. That being said, you don’t want to start with major gift fundraising asks over text. First, build a relationship and understand what interests them most about your organization. Volunteering on the location of the nonprofit is incredibly important to your younger supporters. One in three Millennial donors said they give more to the nonprofit they volunteer with than they would otherwise.

A big part of major gift cultivation is hosting events for prospects as your Millennial prospects tend to especially seek out and value experiences and crave social connection. Rather than worrying about the size or exclusivity of an event, focus on creating events that are memorable and allow prospects to connect with other supporters. This also raises your visibility as Millennials are likely to share innovative experiences on social media.

Since Millennials are much more likely to give if their peers are, another option is to invite them to endow a chair, create a scholarship, or sponsor a park bench with their friends. This lowers the individual donation amount to something more manageable and can turn regular donors into major givers.

The up and coming donors are Millennials!

Excerpt from article by Magda Cychowski, @FreeWill_HQ