More than nine in 10 high-net-worth Americans
engage in philanthropy
NEW
YORK, Oct. 9, 2024 /PRNewswire/ -- The vast
majority (91%) of affluent Americans donate to charity, but giving
motivations, priorities and strategies vary by generation and
gender, according to new data from Bank of America Private
Bank.
Direct giving with a financial contribution is the most common
form of philanthropic involvement. However, younger donors (ages
21-43) prioritize direct action, such as volunteering, fundraising,
mentorship and sitting on boards.
"Our 2024 study reveals a common thread among high-net-worth
individuals: a strong desire to make a positive change with lasting
impact," said Jennifer
Chandler, Head of Philanthropic Solutions at Bank of America
Private Bank. "However, responses also make it clear that
there's more than one way to achieve that goal. Generational and
gender experiences shape worldviews and values, influencing cause
selection and how people give."
Differences in Age: Philanthropy is a way to impact the
future, but what that impact looks like varies by age.
- When asked about their reasons for giving, all generations are
motivated by making a lasting impact (69% older vs. 63% younger).
However, older respondents are more than twice as likely to be
driven by a sense of obligation (56% older vs. 25% younger).
- Younger donors give to causes related to homelessness (41%
younger vs. 21% older), human rights/social justice (33% vs. 18%),
climate change/environment (32% vs. 17%) and the advancement of
women and girls (21% vs. 15%).
- Older donors tend to prioritize giving to religious
organizations (41% older vs. 18% younger), animal welfare (32% vs.
25%), military (24% vs. 15%) and cultural/artistic conservation and
creation (22% vs. 12%).
- As many are inheritors of wealth, younger donors surveyed are
more likely to use giving vehicles, including charitable trusts
(36% younger vs. 7% older), family foundations (25% vs. 3%) and
donor advised funds (22% vs. 8%).
- Younger donors are more likely than older donors to gauge the
success of their philanthropic efforts by public recognition (27%
younger vs. 8% older). Additionally, 42% of younger donors say they
are likely to associate their names with philanthropic efforts,
while 69% of older donors give anonymously.
The Gender Divide: Just as age factors into one's
philanthropic preferences and involvement, so too does
gender.
- Men are twice as likely to become involved in philanthropy
because of their spouse/partner's ideas (16% men vs. 8%
women).
- Men are slightly more likely to give to causes related to
hunger and poverty (45% men vs. 40% women). Women are significantly
more likely than men (23% women vs. 12% men) to direct their
support toward causes supporting the advancement of women and
girls.
- Women shoulder the responsibility of introducing their children
to philanthropy. When asked who is more likely to teach or talk to
their children about participating in philanthropy, 46% of women
point to themselves, while only 35% of men say the same.
Passing the Baton: Intergenerational skepticism surrounds
philanthropic effectiveness.
- The vast majority of younger donors (88%) feel their generation
is prepared to assume philanthropic leadership, and 86% believe the
next generation will surpass the effectiveness of previous
generations.
- However, only 50% of the older generation think the next
generation is prepared to take on and support philanthropic
causes.
- Many younger donors say they take a different approach to
philanthropy (80%) than the previous generation but share their
parents' commitment to giving back (88%).
- Older donors' responses show the inverse: They perceive their
children to share their philanthropic approach (67%) but
demonstrate lower levels of commitment (73%).
2024 Bank of America Private Bank Study of Wealthy Americans
Methodology
Escalent, an independent market research company, conducted an
online survey on behalf of Bank of America Private Bank. The survey
consisted of 1,007 high-net-worth (HNW) respondents throughout the
U.S. Respondents in the study were at least 21 years of age with at
least $3 million in investable
assets, excluding primary residence. The margin of error is +/- 3,
reported at a 95% confidence level. The respondents are a
nationally representative sample of the U.S. high-net-worth
population and not necessarily clients of Bank of America or its
wealth and investment management businesses.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 69 million consumer and small business clients with
approximately 3,800 retail financial centers, approximately 15,000
ATMs (automated teller machines) and award-winning digital banking
with approximately 58 million verified digital users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 4 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and more than 35 countries. Bank of
America Corporation stock is listed on the New York Stock Exchange
(NYSE: BAC).
Banking products are provided by Bank of America, N.A., and
affiliated banks, Members FDIC and wholly owned subsidiaries of
Bank of America Corporation.
Investment products:
Are Not FDIC
Insured
|
Are Not Bank
Guaranteed
|
May Lose
Value
|
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Julia Ehrenfeld, Bank of
America
Phone: 1.646.855.3267
Julia.Ehrenfeld@bofa.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bank-of-america-private-bank-study-of-affluent-americans-finds-generational-and-gender-divides-in-charitable-giving-302271242.html
SOURCE Bank of America Corporation