Millennial entrepreneurs give more money to charity and more time to volunteer efforts than those of older generations, according to a survey by Fidelity Charitable.
More than 80 percent of millennial business owners say that giving is an important activity in their lives, compared with 57 percent of Gen Xers and 48 percent of baby boomers, according the survey.
The survey found a significant difference among generations in terms of how much they give to charity every year. Millennial business owners, those born between 1980 and 2000, gave a median of $13,634 to charity in 2017, compared with $6,200 for Gen Xers and $6,192 for boomers.
The report was based on a survey of 708 entrepreneurs conducted in 2018 that concluded entrepreneurs, on average, give and volunteer more than non-business owners.
"The philanthropic landscape is changing and our research shows that millennial entrepreneurs are shaping a new way for charitable giving," Pamela Norley, president of Fidelity Charitable, said in a press release. "Millennials want to feel a connection to causes they care about."
The survey found that 93 percent of millennial business owners spent time volunteering in 2017, compared with 74 percent of baby boomers.
Nearly two-thirds of millennials plan to leave money to charity in their wills, compared with 46 percent of baby boomers.
Each generation has their own characteristics when it comes to charitable giving, according to Fidelity Charitable, the nonprofit offshoot of Fidelity Investments.
Boomers are traditional and focused in their giving, with two-thirds of boomer entrpreneurs giving to a limited number of causes, according to the survey.
Gen Xers tend to focus on charities in their local communities and on a limited number of causes, according to the survey. But, like millennials, they prefer a hands-on approach to giving, with 61 percent preferring to be personally involved with the charities they support.