Bank of America finds younger wealthy donors are reshaping family philanthropy

Gen Z and Millennial wealthy donors are supporting more charitable causes and using a wider range of giving tools than older generations, according to new research from Bank of America Private Bank.

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%) 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 honour 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."

The next generation’s approach to giving

Gen Z and Millennial donors support an average of 12 charitable causes, compared with eight among wealthy donors overall, and give to a broad range of causes.
Younger donors are less likely to give through direct cash contributions (56% versus 92% of Boomer and Silent Generation donors) but are more likely to use a broader range of philanthropic approaches, some of which they may have inherited, including charitable trusts (47% versus 5%), family foundations (24% versus 2%), fundraising (30% versus 11%) and mentorship (26% versus 4%).

Younger donors are balancing tradition and individuality: 87% say it is important to honour their family's philanthropic legacy, while 86% say it is equally important to establish their own charitable identity.

The share of parents who believe their children share the same commitment to giving back through philanthropy fell to 65% from 76% in 2024.

Fewer than half of wealthy individuals (47%) believe the next generation is prepared to take on family philanthropic causes, down from 55% in 2024.

Giving remains strong as priorities evolve

Nearly nine in 10 wealthy Americans (89%) contributed to charitable causes in 2025, supporting an average of eight causes, led by basic needs (86%), health care (72%) and disaster relief (68%).

Philanthropy is deeply tied to both impact and personal conviction, with 87% of donors saying they give because they believe they can make a difference and 83% citing personal values or beliefs, including religious, political and philosophical views.

Donors are increasingly looking beyond financial contributions alone, with nearly half (49%) volunteering their time in 2025, up from 42% in 2023.

More than one-third of wealthy individuals (36%) say their philanthropic priorities have changed over the past year.

Despite this strong sense of purpose, one-quarter of philanthropists (25%) say they do not measure the impact of their giving at all, rising to 31% among Boomer and Silent Generation donors.

Donor-Advised Funds offer opportunity for future growth

Nearly one in 10 wealthy individuals currently use a donor-advised fund (D A FDAF) – with adoption approximately twice as high among Gen Z and Millennial donors – and 75% of current D A FDAF users plan to increase contributions over the next three years.

Current D A FDAF users cite strong benefits, such as the ability to invest assets for tax-free growth (98%), maximise tax benefits (96%) and simplify charitable giving (94%).

However, awareness remains a barrier: Only 14% of non-users strongly agree that they understand how DAFs work.

 Re-disseminated by Wealth and Society