Younger millionaires place a higher priority on giving their time to charities than older Americans, according to a Bank of America survey.
The survey found that 49% of those between 21 and 43 rely on direct charitable donations, compared with 90% for those who are 44 or older.
The younger respondents placed a higher priority on direct action, such as volunteering, fundraising, mentorship and sitting on boards, in their charitable endeavors, according to the survey.
Specifically, 43% of those in the younger group volunteer, 29% fundraise, 25% act as mentors and 14% sit on boards.
Among older givers, 41% volunteer, 14% fundraise, 6% act as mentors and 10% sit 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," Jennifer Chandler, head of philanthropic solutions at Bank of America Private Bank, said in a prepared statement. "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."
The study found that 69% of the older generations and 63% of the younger ones said their motivation for philanthropy is to make a lasting impact.
The generations also differ on their expectation for the future, as 88% of younger donors believe their generation is prepared to assume philanthropic leadership and 86% believe they will surpass the effectiveness of previous generations.
Only 50% of the older generations said the next generation is prepared to take on and support philanthropic causes.
Only 27% of the younger generation and only 8% of the older generation gauges the success of their philanthropic efforts based on public recognition, the survey found.
The survey took responses from 1,007 Americans who were each 21 or older with at least $3 million in assets.