Cash-Poor Millennials Lead the Impact Investing Revolution in Philanthropy
Socially and environmentally conscious Millennials are reinventing philanthropy by merging traditional foundations with profit-making endeavours and social enterprises, a new report says.
Education remained by far the most popular philanthropic cause for ultra-high net worth (UHNW) individuals, followed by health, also according to Changing Philanthropy: Trend Shifts in Ultra-Wealthy Giving.
“Despite only holding a small amount of total UHNW wealth, with their less traditional models, Millennials can lead the way for other UHNW individuals to follow,” Changing Philanthropyreported.
Impact investing was said to be proving its worth after a decade of implementation. The innovative form of financial return-minded philanthropy was addressing problems often beyond the reach of traditional charitable foundations, the report continued.