In the US, Generation X (aged 28-42) millionaires give nearly twice as much on average to charitable causes as older generations, according to Chicago wealth and investment manager Northern Trust’s third annual Wealth in America survey of high net worth individuals and families.  

“Not only are young millionaires giving more than older generations, they are giving more than they have in the past,” said Marguerite Griffin, senior vice president and national director of philanthropic services.

“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. The abundance of information about nonprofit organisations that can be found on the internet and the ease of contributing to a charitable cause, or even starting your own global giving initiative online, is a huge convenience for younger generations, who are generally more comfortable with online giving vehicles."

Gen X millionaire households gave nearly $20,000 in 2007; Baby Boomers (ages 43 to 61) and Silent Generation millionaires (ages 62 to 77) each gave roughly $10,000. Looking ahead to 2008, Gen X millionaires plan to increase their giving modestly, unlike older households, who expect their 2008 giving to remain at about the same levels as 2006 and 2007.

Gen X households are also more generous in their intended charitable bequests, planning to give 22 per cent of their estate to charity, compared to 16 per cent for Boomers and 14 per cent for Silent Generation millionaires.

When asked about their main philanthropic goals, Gen X millionaires were more motivated to accomplish family related goals than older generations. For example, 15 per cent of Gen X millionaires stated that creating a lasting legacy for themselves or their family was their main goal (compared with 4 per cent of older millionaires) and 12 per cent stated that honouring a loved one was their primary goal (compared with 5 per cent of older millionaires).

In addition to providing more funds, Gen X millionaires are more globally-inclined in their giving than older generations: 14 per cent of the organisations receiving donations from Gen X households operate internationally, compared with 8 per cent for Baby Boomers and 5 per cent for Silent Generation millionaires.

By a wide margin, “supporting a cause I personally believe in” ranked as the most important charitable goal (cited by 42 per cent of all respondents), followed by “making a difference in the community/world” (cited by 18 per cent). More than three-quarters of the organisations that millionaires gave to in 2007 had received donations from them regularly in the past.