Among the wealthy, Generation X millionaires are the most generous lot by far and they plan to boost their charitable giving even more this year, according to Northern Trust's third annual Wealth in America survey of high-net-worth individuals and families.
Gen X millionaire households-ages of 28 and 42-gave nearly $20,000 in 2006. That's double the average for both baby boomers (ages 43 to 61) and so-called silent generation millionaires (ages 62 to 77) who gave about $10,000 each. In addition, Gen Xers said they plan to increase their giving somewhat during 2008. The other two groups said they plan to keep this year's charitable giving comparable with the prior two years.
Gen Xers also plan to be more generous with their financial legacy by leaving 22% of their estate to charity, compared with 16% for boomers and 14% for silent generation millionaires.
"While historically, younger millionaires are more engaged in building wealth and managing immediate financial obligations of starting a family or career, the advance of technology has made giving more accessible," says Marguerite Griffin, vice president and national director of philanthropic services for Northern Trust.
The wealth of information available on the Internet and the ease of giving through technology "is a huge convenience for younger generations, who are generally more comfortable with online giving vehicles," she adds.
Northern Trust's online survey of 1,014 households with at least $1 million in investable assets was conducted in last year's fourth quarter.