September 30, 2026 at 8:00 AM Eastern
Bank of America Study Finds Gen Z and Millennial Donors Bring New Approach to Giving
New Private Bank research finds younger donors are broadening where and how they give, even as confidence in philanthropic succession declines
NEW YORK, New York – New research from Bank of America Private Bank finds that a new generation of wealthy donors is bringing a distinct approach to philanthropy, supporting more causes and utilizing a broader range of charitable tools than previous generations. Gen Z and Millennial donors support an average of 12 causes, compared with eight among wealthy donors overall. Despite this level of engagement, fewer than half of wealthy Americans (47 percent) believe the next generation is prepared to take on philanthropic causes, highlighting both the opportunities and challenges facing families as philanthropic leadership passes between generations.
Philanthropy is becoming increasingly multigenerational," said Jennifer Chandler, Head of Philanthropic Solutions at Bank of America Private Bank. "Younger donors want to honor the charitable traditions that shaped them, but they also want to define their own impact. The opportunity for families is to engage the next generation early, creating a shared vision for giving while allowing room for new priorities and approaches."
Read more about the study findings: Building trust in Agentic Commerce (PDF)
Answer: Our latest study found that philanthropy remains a priority for wealthy Americans, with 89 percent contributing to charitable causes in 2025. At the same time, giving is becoming more dynamic and personalized. More than one-third of donors say their philanthropic priorities have changed over the past year. Donors are also engaging in new ways, with volunteerism rising from 42 percent in 2023 to 49 percent in 2025.
Answer: Bank of America Private Bank helps clients align their philanthropy with their values, financial goals and desired impact. Through providing support and access to the wide variety of charitable giving vehicles donors rely on, we help individuals, families and institutions evaluate giving strategies, identify causes and organizations that matter most to them and develop approaches that can evolve alongside their priorities and circumstances.
Answer: Younger wealthy donors are taking an increasingly diversified approach to giving. Gen Z and Millennial donors support more causes on average than wealthy donors overall and are more likely to engage through charitable trusts, family foundations, fundraising and mentorship. At the same time, many are balancing a desire to honor their family's philanthropic legacy with a commitment to creating their own charitable identity.
Answer: Philanthropy can be a powerful way to bring families together around shared values and long-term goals. Bank of America Private Bank helps facilitate family discussions about charitable priorities, decision-making and legacy planning, while creating opportunities for younger generations to participate and develop their own perspectives on giving.
Answer: A donor-advised fund (D A F) is a charitable giving vehicle that allows donors to make charitable contributions, potentially receive an immediate, market-rate tax deduction and recommend grants to nonprofit organizations over time. Our study found that current D A F users cite strong benefits, particularly the ability to invest assets for potential tax-free growth, simplify charitable giving and maximize tax benefits. Advisors can help clients determine whether a donor-advised fund may be appropriate given their philanthropic and financial objectives.
Escalent, an independent market research company, conducted an online survey on behalf of Bank of America Private Bank among 1,431 wealthy individuals in the United States. Respondents were ages 21 or older with at least 3 million dollars in investable assets, excluding primary residence. Participants were sourced from multiple panel providers targeting wealthy individuals. The survey was fielded from January 8, 2026, to February 5, 2026. Data were weighted to reflect the U S high‑net‑worth population by age, investable assets, region, and gender, and respondents are not necessarily clients of Bank of America or its wealth and investment management businesses.
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 more than 69 million clients with approximately 3,500 retail financial centers, approximately 15,000 A T Ms (automated teller machines) and award-winning digital banking with approximately 60 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. As the #1 small business lender in the United States (F D I C), 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 and/or jurisdictions. Bank of America Corporation stock (N Y S E: B A C) is listed on the New York Stock Exchange.
Julia Ehrenfeld, Bank of America
Phone: 1 6 4 6 8 5 5 3 2 6 7
julia.ehrenfeld@bofa.com
Carolyn Batt, Bank of America
Phone: 1 6 4 6 9 8 3 1 3 6 9
carolyn.batt@bofa.com
Banking products are provided by Bank of America, N A, and affiliated banks, Members F D I C and wholly owned subsidiaries of Bank of America Corporation.
Investment products
| Are Not F D I C Insured | Are Not Bank Guaranteed | May Lose Value |
September 30, 2026 at 8:00 AM Eastern
Bank of America Study Finds Gen Z and Millennial Donors Bring New Approach to Giving
New Private Bank research finds younger donors are broadening where and how they give, even as confidence in philanthropic succession declines
NEW YORK, New York – New research from Bank of America Private Bank finds that a new generation of wealthy donors is bringing a distinct approach to philanthropy, supporting more causes and utilizing a broader range of charitable tools than previous generations. Gen Z and Millennial donors support an average of 12 causes, compared with eight among wealthy donors overall. Despite this level of engagement, fewer than half of wealthy Americans (47 percent) believe the next generation is prepared to take on philanthropic causes, highlighting both the opportunities and challenges facing families as philanthropic leadership passes between generations.
Philanthropy is becoming increasingly multigenerational," said Jennifer Chandler, Head of Philanthropic Solutions at Bank of America Private Bank. "Younger donors want to honor the charitable traditions that shaped them, but they also want to define their own impact. The opportunity for families is to engage the next generation early, creating a shared vision for giving while allowing room for new priorities and approaches."
Read more about the study findings: Building trust in Agentic Commerce (PDF)
Answer: Our latest study found that philanthropy remains a priority for wealthy Americans, with 89 percent contributing to charitable causes in 2025. At the same time, giving is becoming more dynamic and personalized. More than one-third of donors say their philanthropic priorities have changed over the past year. Donors are also engaging in new ways, with volunteerism rising from 42 percent in 2023 to 49 percent in 2025.
Answer: Bank of America Private Bank helps clients align their philanthropy with their values, financial goals and desired impact. Through providing support and access to the wide variety of charitable giving vehicles donors rely on, we help individuals, families and institutions evaluate giving strategies, identify causes and organizations that matter most to them and develop approaches that can evolve alongside their priorities and circumstances.
Answer: Younger wealthy donors are taking an increasingly diversified approach to giving. Gen Z and Millennial donors support more causes on average than wealthy donors overall and are more likely to engage through charitable trusts, family foundations, fundraising and mentorship. At the same time, many are balancing a desire to honor their family's philanthropic legacy with a commitment to creating their own charitable identity.
Answer: Philanthropy can be a powerful way to bring families together around shared values and long-term goals. Bank of America Private Bank helps facilitate family discussions about charitable priorities, decision-making and legacy planning, while creating opportunities for younger generations to participate and develop their own perspectives on giving.
Answer: A donor-advised fund (D A F) is a charitable giving vehicle that allows donors to make charitable contributions, potentially receive an immediate, market-rate tax deduction and recommend grants to nonprofit organizations over time. Our study found that current D A F users cite strong benefits, particularly the ability to invest assets for potential tax-free growth, simplify charitable giving and maximize tax benefits. Advisors can help clients determine whether a donor-advised fund may be appropriate given their philanthropic and financial objectives.
Escalent, an independent market research company, conducted an online survey on behalf of Bank of America Private Bank among 1,431 wealthy individuals in the United States. Respondents were ages 21 or older with at least 3 million dollars in investable assets, excluding primary residence. Participants were sourced from multiple panel providers targeting wealthy individuals. The survey was fielded from January 8, 2026, to February 5, 2026. Data were weighted to reflect the U S high‑net‑worth population by age, investable assets, region, and gender, and respondents are not necessarily clients of Bank of America or its wealth and investment management businesses.
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 more than 69 million clients with approximately 3,500 retail financial centers, approximately 15,000 A T Ms (automated teller machines) and award-winning digital banking with approximately 60 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. As the #1 small business lender in the United States (F D I C), 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 and/or jurisdictions. Bank of America Corporation stock (N Y S E: B A C) is listed on the New York Stock Exchange.
Julia Ehrenfeld, Bank of America
Phone: 1 6 4 6 8 5 5 3 2 6 7
julia.ehrenfeld@bofa.com
Carolyn Batt, Bank of America
Phone: 1 6 4 6 9 8 3 1 3 6 9
carolyn.batt@bofa.com
Banking products are provided by Bank of America, N A, and affiliated banks, Members F D I C and wholly owned subsidiaries of Bank of America Corporation.
Investment products
| Are Not F D I C Insured | Are Not Bank Guaranteed | May Lose Value |
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