The latest study by Bank of America Private Bank highlights differences in charitable giving among affluent Americans, focusing on generational and gender divides. The research reveals that while 91% of wealthy individuals donate to charity, their motivations and strategies differ significantly.
Direct financial contributions remain the most common form of philanthropy. However, younger donors aged 21 to 43 often engage in direct actions such as volunteering and mentorship. Jennifer Chandler, Head of Philanthropic Solutions at Bank of America Private Bank, stated: “Our 2024 study reveals a common thread among high-net-worth individuals: a strong desire to make a positive change with lasting impact.” She added that "generational and gender experiences shape worldviews and values."
Age plays a crucial role in philanthropic preferences. While all generations aim for lasting impacts through their donations, older individuals are more likely motivated by obligation (56% vs. 25%). Younger donors focus on causes like homelessness and human rights, whereas older ones support religious organizations and animal welfare.
Gender also influences charitable choices. Men are more inclined to give due to their partner's influence or towards hunger-related causes, while women prioritize advancing women's issues. Women also take on the responsibility of introducing philanthropy to children.
The study notes skepticism about intergenerational philanthropic effectiveness. While most young donors feel prepared for leadership roles in philanthropy, only half of the older generation shares this confidence.
Conducted by Escalent for Bank of America Private Bank, the survey included over 1,000 high-net-worth respondents across the U.S., with assets exceeding $3 million.
Bank of America remains one of the world's leading financial institutions offering diverse services globally.
Reporters may contact Julia Ehrenfeld at Bank of America for further information at 1.646.855.3267 or via email at Julia.Ehrenfeld@bofa.com.