What the generational shift means for the world of generosity.
For generations, talk of generosity focused primarily on one thing: money. According to collaborative research from sparks & honey and Morgridge Family Foundation, that’s changing. The change is particularly obvious among younger philanthropists.
What does this mean for organizations that rely on generous donors?
Aim at the Heart
All nonprofits have a mission. The best have a tangible mission that resonates with people and makes them feel something.
Moving forward, these nonprofits will thrive. Why is a heartfelt mission more vital now than ever before? Future givers are turned off by requests for donations. They’re drawn to organizations that promise and provide results that resonate with their ideals.
The research found that Millennials feel strapped for cash even when making six-figure incomes. Faced with student debt and an ever-increasing cost of living, Millennials are careful with the dollars they give; they want them to have an impact.
To encourage these young givers to give, nonprofits have to view life like Gen Z and Millenials: holistically. Compared to previous generations, young people are unlikely to cut a check and move along. They want their giving to add value. And they measure that value “in terms of life experiences, time spent on purpose, and playing a part in change,” according to the report.
Bridging the Gap
Income inequality weighs heavily on the hearts of Gen Z and Millenials. As a result, they prefer to support organizations that address this issue.
For nonprofits that don’t hit income inequality head-on, it’s still possible to garner support. After all, were it not for income inequality, there would be no need for nonprofits.
Acknowledge this openly and position your nonprofit’s role in reducing the ever-widening income gap. Talk to the hearts of your donors. Solicit their empathy and passion. Be sincere. Ask first for intangible gifts. Do it well, and Gen Z and Millenials will give themselves to your organization—pouring out their intangible influence, talents, time, and their tangible financial gifts.
And if you’re looking for a turnkey way to get started, Women Doing Well is here to serve. Our unique pathway helps women discover their purpose and passion and chase after them wholeheartedly. If the women in your target audience could benefit from this, contact us to learn more or to get started.