NEW YORK, New YorkN.Y. – The vast majority (ninety one percent91%) of affluent Americans donate to charity, but giving motivations, priorities and strategies vary by generation and gender, according tonew data from Bank of America Private Bank (PDF).

Direct giving with a financial contribution is the most common form of philanthropic involvement. However, younger donors (ages twenty one through forty threeages 21 - 43) prioritize direct action, such as volunteering, fundraising, mentorship and sitting 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,” said Jennifer Chandler, Head of Philanthropic Solutions at Bank of America Private Bank. “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.”

Differences in age: Philanthropy is a way to impact the future, but what that impact looks like varies by age.

• When asked about their reasons for giving, all generations are motivated by making a lasting impact (sixty nine percent versus69% older vs. sixty three percent younger63% younger). However, older respondents are more than twice as likely to be driven by a sense of obligation (fifty six percent older versus56% older vs. twenty five percent younger25% younger).
• Younger donors give to causes related to homelessness (forty one percent younger versus41% younger vs. twenty one percent older21% older), human rights/social justice (thirty three percent versus33% vs. eighteen percent18%), climate change/environment (thirty two percent versus32% vs. seventeen percent17%) and the advancement of women and girls (twenty one percent versus21% vs. fifteen percent15%).
• Older donors tend to prioritize giving to religious organizations (forty one percent older versus41% older vs. eighteen percent younger18% younger), animal welfare (thirty two percent versus32% vs. twenty five percent25%), military (twenty four percent versus24% vs. fifteen percent15%) and cultural/artistic conservation and creation (twenty two percent versus22% vs. twelve percent12%).
• As many are inheritors of wealth, younger donors surveyed are more likely to use giving vehicles, including charitable trusts (thirty six percent younger versus36% younger vs. seven percent older7% older), family foundations (twenty five percent versus25% vs. three percent3%) and donor advised funds (twenty two percent versus22% vs. eight percent8%).
• Younger donors are more likely than older donors to gauge the success of their philanthropic efforts by public recognition (twenty seven percent younger versus27% younger vs. eight percent older8% older). Additionally, forty two percent42% of younger donors say they are likely to associate their names with philanthropic efforts, while sixty nine percent69% of older donors give anonymously.

The gender divide: Just as age factors into one’s philanthropic preferences and involvement, so too does gender.

• Men are twice as likely to become involved in philanthropy because of their spouse/partner’s ideas (sixteen percent men versus16% men vs. eight percent women8% women).
• Men are slightly more likely to give to causes related to hunger and poverty (forty five percent men versus45% men vs. forty percent women40% women). Women are significantly more likely than men (twenty three percent women versus23% women vs. twelve percent men12% men) to direct their support toward causes supporting the advancement of women and girls.
• Women shoulder the responsibility of introducing their children to philanthropy. When asked who is more likely to teach or talk to their children about participating in philanthropy, forty six percent46% of women point to themselves, while only thirty five percent35% of men say the same.

Passing the baton: Intergenerational skepticism surrounds philanthropic effectiveness.

• The vast majority of younger donors (eighty eight percent88%) feel their generation is prepared to assume philanthropic leadership, and eighty six percent86% believe the next generation will surpass the effectiveness of previous generations.
• However, only fifty percent50% of the older generation think the next generation is prepared to take on and support philanthropic causes.
• Many younger donors say they take a different approach to philanthropy (eighty percent80%) than the previous generation but share their parents’ commitment to giving back (eighty eight percent88%).
• Older donors’ responses show the inverse: They perceive their children to share their philanthropic approach (sixty seven percent67%) but demonstrate lower levels of commitment (seventy three percent73%).

2024 Bank of America Private Bank Study of Wealthy Americans Methodology

Escalent, an independent market research company, conducted an online survey on behalf of Bank of America Private Bank. The survey consisted of 1,007 high-net-worth (H N WHNW) respondents throughout the United StatesU.S. Respondents in the study were at least 21 years of age with at least three million dollars$3 million in investable assets, excluding primary residence. The margin of error is plus or minus+/- 3, reported at a ninety five percent95% confidence level. The respondents are a nationally representative sample of the United StatesU.S. high-net-worth population and not necessarily clients of Bank of America or its wealth and investment management businesses.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 A T MsATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (N Y S E B A CNYSE: BAC).

Banking products are provided by Bank of America, N AN.A., and affiliated banks, Members F D I CFDIC and wholly owned subsidiaries of Bank of America Corporation.

Reporters may contact

Julia Ehrenfeld, Bank of America
Phone: one six four six eight five five three two six seven1.646.855.3267
julia.ehrenfeld@bofa.com

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