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Report: Millennial Entrepreneurs Give More Than Older Entrepreneurs

A new report from Fidelity Charitable found that there is a huge generosity gap among different generations of entrepreneurs.

The report, titled Entrepreneurs as Philanthropists, concluded that Millennial entrepreneurs volunteer and give significantly more than their older counterparts. These findings are based on a 2018 survey of 3,000 American adults, over 700 of which were current or former business owners.

Results from the survey showed that the average Millennial entrepreneur donated $13,654 in 2017. That’s more than double that of Gen Xers ($6,200) and Baby Boomers ($6,192).

“The philanthropic landscape is changing, and our research shows that Millennial entrepreneurs are shaping a new way for charitable giving,” said Pamela Norley, president of Fidelity Charitable. “Millennials want to feel a connection to causes they care about. While these characteristics are not limited just to the entrepreneurs of the Millennial generation, their practical impacts on philanthropy become more pronounced through the lens of entrepreneurship.”

Survey results also indicate that Millennial business owners take a vastly different approach to business and philanthropy. For example, 80 percent of Millennial entrepreneurs said that giving is very important, compared to just 57 percent of Gen Xers and 48 percent of Baby Boomers.

Millennial entrepreneurs also placed a higher emphasis on becoming actively involved with the causes they support. More than half viewed volunteering as an opportunity to learn new skills, versus only 33 percent of Gen Xers and 20 percent of Baby Boomers.

And while Millennial entrepreneurs have proven to be the most generous of the generations, that’s not to say that the contributions of Gen Xers and Baby Boomers should be downplayed or overlooked.

“We know that entrepreneurs are committed and effective philanthropists,” Norley stated. “While different generations may approach philanthropy with varying attitudes, behaviors and values, the unique giving behaviors of entrepreneurs will continue to make an outsized impact on the causes they support. Regardless of generation, entrepreneurs will continue to be a driving force for philanthropy in the world.”

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New Report Illustrates Trends in Philanthropy Based Off Gender and Age

Fidelity Charitable has just released a new study on giving trends as it relates to gender and generation. One of the most notable findings is that 72% of Baby Boomer women are satisfied with their charitable giving, compared to just 55% of Millennial women.

“Boomer women, whose age and life experience make them more seasoned givers, report significantly more satisfaction with their giving than Millennials do—suggesting that giving gets better with age,” a statement from the report reads. “Meanwhile, Millennial women, who are still building wealth and discovering their philanthropic purpose, are more impulsive; 71 percent said they give in the moment, compared with 48 percent of Boomers.”

The study also found that Millennial women are more motivated to give from their heart versus their head. Official figures point to 75% of Millennial women giving from a place of empathy versus just 62% of Baby Boomer women. This led researchers to conclude that by and large, Baby Boomer women are more logical when it comes to giving.

But when it comes to differences across gender, the findings show that men are overall more likely to give from a place of logic versus a place of emotion. Only 53% of men said that they are motivated to give from their heart, versus 64% of women. And there’s a similar contrast when it comes to strategic giving.

40% of men said that they are motivated to give “in the moment” versus being more strategic. Compare that to 51% of women who prefer to give in the moment.

But when it comes to seeking advice, the study concluded that women are far more likely to seek counsel from experts while men are more likely to seek guidance from personal contacts. Official figures point to 61% of women who prefer receiving advice from experts compared to just 47% of men.

To read the full report, click here.