A quarter of Britons (24 per cent) are involved in philanthropy as more young people are looking to get involved, according to a new poll released by the City of London Corporation’s charity, City Bridge Trust.

The poll surveyed more than 2000 Britons, who dispelled the myth that philanthropy is primarily for high net worth individuals. The research revealed that 7 in 10 of 18-24 year olds would become a philanthropist if it involved giving as little as £2 a day – approximately £500 ($807) a year. This contrasts with just under half (46 per cent) of those at retirement age.

“By demystifying philanthropy we hope to inspire a new generation of philanthropists. We want to encourage young people who care so passionately about today’s social issues to feel empowered to change them for the better, through the giving of time, money and skills. Philanthropy is not for just for the wealthy, or for those who have retired,” said David Farnsworth, chief grants officer of the City Bridge Trust.

The research comes ahead of a new exhibition at the Charterhouse celebrating 800 years of philanthropy in the City of London.

"The exhibition Philanthropy: The City Story celebrates the City as a philanthropic hotspot through the ages and highlights how philanthropy in the capital has been a huge catalyst for positive change in communities at home and abroad", added Farnsworth.

However, the research also showed that the understanding of philanthropic giving is lowest among young people (40 per cent), compared to 77 per cent among those aged 65 and above.

“This indicates a real opportunity to boost philanthropy among the young if there was more information about how to get involved,” said the trust.

The research also showed that women are more likely to support charitable organisations than men, and are most likely to do so through financial donations (68 per cent vs. 61 per cent for men).

Philanthropy: The City Story is curated by the Museum of London and opens on 30 October. The exhibition is part of a three-year initiative (2013-15) funded by the City Bridge Trust, in order to embed a culture of effective philanthropy in the City of London, particularly among younger professionals and to promote London as a global centre for effective philanthropy.