How Millennials are Redefining Philanthropy

Millennials, also known as Generation Y, are defined as people who were born between 1980 and 1994. There are many stereotypes attached to that label, most notably having a lack of self-awareness combined with too much self-absorption, feelings of ennui, apathy, and melancholy. There are surprising numbers of millennials, however, who have changed the worldview that they are an uncaring generation.

Despite having less disposable income than their predecessors, 84% of Generation Y still manages to contribute significantly. This is in comparison to 72% of Baby Boomers and 59% of Generation X. The interesting thing about the millennial group is not so much the amount given, but the ways in which they help others. There is more to philanthropy than just writing a check, or in this case, digitally donating.

Many organizations are aware that millennials are a great demographic when it comes to digital marketing. Campaigns that encourage rounding up the spare change from purchases in order to donate to various charities have lots of appeal because they are simple to use and quick and effortless, while also making people feel good about helping the world. Efficiency and emotional gratification are things that definitely appeal to the millennial generation.

And they aren’t the type of people to shy away from donating their free time. The truth is, 70% of millennials regularly volunteer for causes they believe in. Once the passion is there, so are their attendance numbers. This is significantly higher than the levels attributed to baby boomers and Generation X when you look at regular, steady volunteering commitments.

There will soon be a majority of millennials in the workforce, not just because of new innovation but by sheer numbers alone. As baby boomers continue to retire and their positions get filled by the younger population, the average age of the American labor force is changing. The largest employed working-age group is now between 25 and 34 years old, forming 22% of the overall workforce who are aged 16 and up. The next largest group is Generation X with a narrow margin of 21%. Marketing professionals who want millennials to donate to their respective causes need to understand exactly how to pul them in and get them emotionally and finally invested. Millennials who are dissatisfied with the current world as it is will be more likely to put their time and money behind their beliefs, as opposed to their precursors.

Originally published at https://chartwestcott.net.

Chart Westcott is Co-Founder and COO at Ikarian Capital, LLC a long/short equity biotech focused investment adviser. Read more at http://chartwestcott.net.

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