Gen Y: A New Era of Philanthropists

Entitlement generation. Generation Y-bother.

Those are pretty condescending titles for the fastest-growing philanthropic generation in history, aren’t they?

Research has shown that Generation Yers are becoming increasingly more likely to donate time and money to charitable causes than many other age groups. Although 35-42 year olds donate the most time, this volunteer work can consist of organizing a bake sale for their child’s third grade homeroom. With the lack of children belonging to Generation Y, 17-25 year olds are more likely to get their hands dirty and step out of their everyday lives to assist others, such as in soup kitchens or hospitals.

Recently, former CEO of Berkshire Hathaway, Warren Buffett, donated nearly $40 billion to the Bill & Melinda Gates Foundation, one of the most successful philanthropic organizations of our time. With that much money donated by one person, it is sometimes disheartening when all a young college grad can offer is a few hours every week reading to underprivileged inner city students. Contrary to this thinking, many small, localized organizations would not survive without those few, precious hours a week that Generation Yers donate. The point is that all charitable giving no matter how large or small, significantly impacts someone somewhere, and Gen Y does not seem to be slowing down.

Common reasons for donating time and money include personal satisfaction, to help others, and to gain work experience. Generation Y may be criticized for citing volunteer work as a way to gain valuable skills, but when you think about it, wouldn’t you want the leaders of tomorrow gaining volunteer experience now so that when we all become as rich as Warren Buffett, we too will remember the less privileged and donate 85% of our fortunes to charity?

Click here to read more from Christine Jackman in The Australian.