Advance Work: Millennial Motivations
Don’t underestimate young donors
By Harriet Meyers
Members of the Millennial generation tend to be as philanthropic as older generations, and they are most likely to be motivated by the desire to make the world a better place to live.
Campbell & Company, a national consulting firm specializing in advancement planning, funded a study at the Center on Philanthropy at Indiana University called “Generational Differences in Charitable Giving and in Motivations for Giving.”
The study covered more than 10,000 people across five generations. Findings revealed that when controlling for income and education, the average giving level of Millennials was roughly equivalent to that of other generations. The study defined the Millennial generation—also known as Generation Y, the Echo Boomers, MySpace Generation, and Generation Why?—as those born after 1981.
“Not only do many organizations assume that younger people aren’t as generous as older people, but they also tend to ask for too little and focus on the wrong reasons to give,” says Peter Fissinger, president of Campbell & Company. “The recent research strongly confirms that young people are just as generous, and as their incomes grow, their philanthropic levels will grow.” To help younger donors consider giving to their educational institutions, Fissinger suggests the following:
Communicate the global impact of your institution’s education. Young people have a global worldview, and it’s important to tell them how the institution is preparing people to interact in the global economy, addressing global issues, and increasing students’ understanding of the world.
Don’t underestimate the economic power of Millennials. Research shows that an alumnus who makes a $100 gift to the annual fund is five times as likely to repeat that gift as someone who gives less. Giving at this level is a behavior-changing decision.
Use Web-based appeals and telemarketing that uses cell phone numbers. However they receive an appeal, many young alumni will go to your Web site, so be sure to offer the option of online giving.
Make the impact of philanthropy visible while they are students. From signs on buildings to participation in senior class gifts, students need to see how philanthropy works and understand its rewards.
“To a certain extent, philanthropy is a learned behavior. Teaching young people to give to your institution now is effective for the long run,” says Fissinger.
