Last week’s Barron’s weekly magazine featured a story on the New Faces of Philanthropy [1]. As traditional charitable donors cut back their giving in this economic climate, new givers are moving in. Barron's profiles these Gen-X givers who want to make their charitable mark now, not when they're 50 or 60 years old.
While the story takes an in-depth look at Gen X and Gen Y philanthropists – don’t be too quick to call them the “p-word.” As Peter Kellner, managing partner of Uhuru Capital Management, says, “we don't call what we are doing philanthropy, we call it having an impact.”
The individuals profiled in “Next Gen Givers” are impressive not only for their generosity but for the talent and focus they bring to reimagine a tradition of giving that is deeply rooted in American culture. Together, they are bringing this ethic of service to solve some of our most pressing social problems.
A few take aways important to note:
- Giving is global. “In contrast to grandparents who might have defined “giving back to the community” as contributing to local churches, hospitals and schools, many younger philanthropists think the most compelling projects are overseas.”
- Gen X Millionaires doubled the size of giving by their parents and grandparents – in 2006 Generation-X millionaires (aged 28 to 42) gave an average of $20,000 to worthy causes.
- The new lens of giving is not just about ‘business models’ but about effectiveness.
- Philanthropy offers a meaningful legacy to generations that follow, but it's critical that younger generation's find their own footing in the world of giving.
Comments
The individuals profiled in “Next Gen Givers” are impressive not only for their generosity but for the talent and focus they bring to reimagine a tradition of giving that is deeply rooted in American culture. Together, they are bringing this ethic of service to solve some of our most pressing social problems.sammy [3]