Bank of America Private Bank Study of Affluent Americans Finds Generational and Gender Divides in Charitable Giving
Bank of America Private Bank's 2024 study reveals that 91% of affluent Americans engage in philanthropy, with notable differences in giving motivations and strategies across generations and genders. Key findings include:
- Younger donors (21-43) prioritize direct action like volunteering and fundraising, while older donors prefer direct financial contributions.
- Generational differences in cause selection: Younger donors focus on homelessness, human rights, and climate change, while older donors prioritize religious organizations and animal welfare.
- Gender divide: Women are more likely to support causes advancing women and girls, and take the lead in teaching children about philanthropy.
- Intergenerational skepticism: 88% of younger donors feel prepared for philanthropic leadership, but only 50% of older donors agree.
The study surveyed 1,007 high-net-worth individuals with at least $3 million in investable assets.
Lo studio del 2024 di Bank of America Private Bank rivela che il 91% degli americani facoltosi è coinvolto in attività filantropiche, con differenze significative nelle motivazioni e nelle strategie di donazione tra le generazioni e i generi. Tra i principali risultati emergono:
- I donatori più giovani (21-43 anni) danno priorità ad azioni dirette come il volontariato e la raccolta fondi, mentre i donatori più anziani preferiscono le donazioni finanziarie dirette.
- Differenze generazionali nella scelta delle cause: i donatori più giovani si concentrano su senzatetto, diritti umani e cambiamento climatico, mentre i donatori più anziani danno priorità alle organizzazioni religiose e al benessere degli animali.
- Divario di genere: le donne sono più propense a sostenere cause a favore delle donne e delle ragazze e a prendono l'iniziativa nell'insegnare ai bambini la filantropia.
- Sfida intergenerazionale: l'88% dei donatori più giovani si sente pronto a esercitare un ruolo di leadership filantropica, ma solo il 50% dei donatori più anziani è d'accordo.
Lo studio ha intervistato 1.007 individui con un patrimonio netto elevato di almeno 3 milioni di dollari in beni investibili.
El estudio de 2024 de Bank of America Private Bank revela que el 91% de los estadounidenses adinerados participa en la filantropía, con diferencias notables en las motivaciones y estrategias de donación entre generaciones y géneros. Los hallazgos clave incluyen:
- Los donantes más jóvenes (21-43 años) priorizan la acción directa como el voluntariado y la recaudación de fondos, mientras que los donantes mayores prefieren las donaciones financieras directas.
- Diferencias generacionales en la selección de causas: los donantes más jóvenes se enfocan en la falta de vivienda, los derechos humanos y el cambio climático, mientras que los donantes mayores priorizan las organizaciones religiosas y el bienestar animal.
- División de género: las mujeres son más propensas a apoyar causas que promueven a mujeres y niñas, y lideran la enseñanza a los niños sobre la filantropía.
- Escepticismo intergeneracional: el 88% de los donantes más jóvenes se siente preparado para el liderazgo filantrópico, pero solo el 50% de los donantes mayores está de acuerdo.
El estudio encuestó a 1,007 individuos de alto patrimonio neto con al menos 3 millones de dólares en activos invertibles.
2024년 뱅크 오브 아메리카 프라이빗 뱅크의 연구에 따르면 91%의 부유한 미국인들이 자선 활동에 참여하고 있습니다, 세대와 성별에 따라 기부의 동기와 전략에 뚜렷한 차이가 있습니다. 주요 결과는 다음과 같습니다:
- 젊은 기부자들 (21-43세)은 자원봉사 및 모금과 같은 직접적인 행동을 우선시하는 반면, 나이든 기부자들은 직접적인 금전적 기부를 선호합니다.
- 세대 차이가 있는 원인 선택: 젊은 기부자들은 홈리스, 인권, 기후 변화에 중점을 두고, 나이든 기부자들은 종교 단체와 동물 복지에 우선순위를 둡니다.
- 성별 분할: 여성들은 여성과 소녀의 권리를 증진하는 원인을 지원할 가능성이 더 높으며, 자녀에게 필란트로피에 대해 가르치는 데 선두주자 역할을 합니다.
- 세대 간 회의론: 88%의 젊은 기부자들이 필란트로피 리더십에 대한 준비가 되어 있다고 느끼지만, 나이든 기부자 중 50%만 동의합니다.
이 연구는 최소 3백만 달러의 투자 가능한 자산을 가진 1,007명의 고액 자산 보유자를 조사했습니다.
L'étude 2024 de Bank of America Private Bank révèle que 91 % des Américains aisés s'engagent dans la philanthropie, avec des différences notables dans les motivations et les stratégies de don à travers les générations et les genres. Les principales conclusions incluent :
- Les donateurs plus jeunes (21-43 ans) privilégient l'action directe comme le bénévolat et la collecte de fonds, tandis que les donateurs plus âgés préfèrent des contributions financières directes.
- Différences générationnelles dans le choix des causes : les donateurs plus jeunes se concentrent sur l'itinérance, les droits de l'homme et le changement climatique, tandis que les donateurs plus âgés privilégient les organisations religieuses et le bien-être animal.
- Division par sexe : les femmes sont plus susceptibles de soutenir des causes qui promeuvent les femmes et les filles, et jouent un rôle de leader dans l'enseignement de la philanthropie aux enfants.
- Éskepticisme intergénérationnel : 88 % des jeunes donateurs se sentent prêts à assumer un rôle de leadership philanthropique, mais seulement 50 % des donateurs plus âgés sont d'accord.
L'étude a sondé 1 007 individus à valeur nette élevée disposant d'au moins 3 millions de dollars d'actifs investissables.
Die Studie der Bank of America Private Bank aus dem Jahr 2024 zeigt, dass 91 % der wohlhabenden Amerikaner sich für Wohltätigkeit engagieren, wobei es bedeutende Unterschiede in den Motivationen und Strategien des Gebens zwischen den Generationen und Geschlechtern gibt. Die wichtigsten Ergebnisse umfassen:
- Junge Spender (21-43 Jahre) legen Wert auf direkte Aktionen wie Freiwilligenarbeit und Fundraising, während ältere Spender bevorzugt direkte finanzielle Beiträge leisten.
- Generationsunterschiede bei der Auswahl von Anliegen: Junge Spender konzentrieren sich auf Obdachlosigkeit, Menschenrechte und Klimawandel, während ältere Spender religiöse Organisationen und Tierschutz priorisieren.
- Geschlechterunterschied: Frauen unterstützen eher Anliegen, die Frauen und Mädchen fördern, und übernehmen die Führung in der Aufklärung von Kindern über Wohltätigkeit.
- Generationsskepsis: 88 % der jüngeren Spender fühlen sich bereit für eine philanthropische Führung, aber nur 50 % der älteren Spender stimmen dem zu.
Die Studie befragte 1.007 wohlhabende Personen mit mindestens 3 Millionen US-Dollar investierbaren Vermögens.
- 91% of affluent Americans donate to charity, indicating strong philanthropic engagement
- Younger donors are more likely to use giving vehicles like charitable trusts and family foundations
- 88% of younger donors feel prepared to assume philanthropic leadership
- 86% of younger donors believe their generation will surpass the effectiveness of previous generations in philanthropy
- Only 50% of older donors think the next generation is prepared to take on philanthropic causes
- Intergenerational skepticism exists regarding philanthropic effectiveness
- Older donors perceive lower levels of philanthropic commitment from their children (73%)
Insights
This study provides valuable insights into philanthropic trends among high-net-worth individuals, which could influence Bank of America's wealth management strategies. Key findings include:
- 91% of affluent Americans engage in philanthropy, indicating a significant market for charitable giving services.
- Generational differences in giving priorities and methods, with younger donors favoring direct action and using more sophisticated giving vehicles like charitable trusts and family foundations.
- Gender disparities in cause selection and family involvement, with women more likely to support women's advancement and take the lead in teaching children about philanthropy.
For BAC, this data could inform the development of tailored philanthropic advisory services and products for different demographic segments. The high engagement in philanthropy among wealthy clients suggests potential for growth in this area of wealth management. However, the
From an investment perspective, this study highlights several opportunities for Bank of America:
- The high adoption of charitable trusts (
36% ) and donor-advised funds (22% ) among younger donors suggests a growing market for these financial vehicles. - Differences in cause priorities between generations indicate a need for diverse investment options aligned with various social and environmental goals.
- The gender divide in philanthropic focus areas could inform targeted investment products and advisory services.
While not directly impacting BAC's stock in the short term, this research positions the bank to enhance its wealth management offerings. By developing specialized philanthropic services, BAC could potentially increase client retention and attract new high-net-worth individuals. The focus on younger donors' preferences also aligns with long-term strategies for capturing the next generation of wealthy clients, which is important for sustained growth in the private banking sector.
More than nine in 10 high-net-worth Americans engage in philanthropy
Direct giving with a financial contribution is the most common form of philanthropic involvement. However, younger donors (ages 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 (
69% older vs.63% younger). However, older respondents are more than twice as likely to be driven by a sense of obligation (56% older vs.25% younger). - Younger donors give to causes related to homelessness (
41% younger vs.21% older), human rights/social justice (33% vs.18% ), climate change/environment (32% vs.17% ) and the advancement of women and girls (21% vs.15% ). - Older donors tend to prioritize giving to religious organizations (
41% older vs.18% younger), animal welfare (32% vs.25% ), military (24% vs.15% ) and cultural/artistic conservation and creation (22% vs.12% ). - As many are inheritors of wealth, younger donors surveyed are more likely to use giving vehicles, including charitable trusts (
36% younger vs.7% older), family foundations (25% vs.3% ) and donor advised funds (22% vs.8% ). - Younger donors are more likely than older donors to gauge the success of their philanthropic efforts by public recognition (
27% younger vs.8% older). Additionally,42% of younger donors say they are likely to associate their names with philanthropic efforts, while69% 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 (
16% men vs.8% women). - Men are slightly more likely to give to causes related to hunger and poverty (
45% men vs.40% women). Women are significantly more likely than men (23% women vs.12% 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,
46% of women point to themselves, while only35% of men say the same.
Passing the Baton: Intergenerational skepticism surrounds philanthropic effectiveness.
- The vast majority of younger donors (
88% ) feel their generation is prepared to assume philanthropic leadership, and86% believe the next generation will surpass the effectiveness of previous generations. - However, only
50% 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 (
80% ) than the previous generation but share their parents' commitment to giving back (88% ). - Older donors' responses show the inverse: They perceive their children to share their philanthropic approach (
67% ) but demonstrate lower levels of commitment (73% ).
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 (HNW) respondents throughout the
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SOURCE Bank of America Corporation
FAQ
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