The next generation is now leading family foundations. They sit at the crossroads between the forces driving the millennial generation and the weight of their families’ legacies.
International banking group BNP Paribas has released the 2017 BNP Paribas Philanthropy Report. Written by The Economist Intelligence Unit, the report explores how the Next Generation of Philanthropists is shaping the future of philanthropy, balancing the weight of family legacies through new tools, technologies and strategies.
The report is based on desk research, in-depth interviews of millennial philanthropists and philanthropy experts.
The five main characteristics of the millennial philanthropist mindset:
- Belief in social entrepreneurship: millennials believe that supporting entrepreneurship and for-profit organisations (as opposed to a traditional nonprofit) can be a more sustainable option to achieve their philanthropic ambitions. Their emerging sectors for social entrepreneurship are FinTechs, EdTechs, Renewable Energy and Food & Agriculture.
- A global approach: millennials are more global both in their causes and geographies than Baby Boomers: the younger generation wants to replicate successes across many places whereas the older one is focused on a single region.
- A desire for now: millennials do not want to wait before giving back as they know that they can make a change today.
- A different use of social media: millennials use digital channels differently from Baby Boomers, not only to promote their causes, but also to find grantees, donors, talents and to educate themselves.
- A collaborative culture: millennials believe they can be more effective if connected with peers through international or local networks, looking for co-investments, co-funding, new ideas and best practices.
An infographic of the report is available for download here.