Instead of focusing on wealthy donors, philanthropist and non-profits should instead focus on one of the largest demographics in the country. Millennials are defined as someone who was born between the years of 1981 to 1997. The future of philanthropy rests with a large number of young professionals and working-class individuals who by the year 2020 will make up the majority of the workforce. These new workers are unsettled with the way things are currently going in the workplace. Because of this, Millennials are eager to see change not only in their careers but in the world. This is why many experts believe that the future of philanthropy lies in the hands of the millennial generation.
What the philanthropic community needs to understand is that Millennials are being bombarded by seemingly countless messages every day. Businesses are trying to get them to purchase new products or sign up for new services, bands are looking to form a bigger fanbase, and nonprofits are trying to raise money alongside crowdfunding campaigns. Organizations need to learn effective and unique ways of marketing to and communicating with this generation.
Although Millennials may not be able to donate as much to charitable causes as GenXers or Baby Boomers, a larger percentage of Millennials are choosing to donate. Even with lower individual donations, the sheer number of Millennials choosing to donate is more than the yearly average donated by Baby Boomers and GenXers. This gives Millennials a stronger influence in the philanthropic industry.
Once Millennials make major purchases like paying off their student debt, buying their first car, and putting a down payment on a home, they will feel more inclined to give back. As Millennials are still in debt and over 80 percent of them have still decided to donate, later in their lives this number could even grow to 90 or 100 percent. While these numbers are hopeful, we could see a huge amount of money being donated by this generation.
Millennials are more inclined to listen to your cause when it isn’t overly complicated. Your message needs to be clear and direct. This will make it easier for Millennials to jump on board and share your message with their friends on social media. Make it easy for this generation to know what your main goal is. If you are trying to end world hunger, make your message short and sweet.