Succession Planning Belfast
When it comes to succession planning Belfast, philanthropy can be a great way for wealthy families to engage different generations. For family members who do not have an imperative for paid employment, philanthropy can provide a sense of purpose. It is important to keep in mind the intergenerational differences and trends in giving so that the family giving experience is as positive as possible. For example, younger generations may be more interested in supporting causes related to social justice or environmental sustainability, while older generations may prefer to focus on traditional charitable causes. By taking into account the preferences of all family members, philanthropy can be a rewarding experience for everyone involved.
The Blackbaud Institute's report on the next generation of American giving has some useful insights. Succession planning Belfast, entrepreneurship Belfast, and family business Belfast are top priorities for Gen X and Gen Z donors. Religion, education, and health are also top priorities for these generations. When it comes to animal-related causes, Gen X and Gen Z donors are disproportionately committed. The report provides helpful data points for nonprofits looking to engage these generations of donors. By understanding the priorities of these donors, nonprofits can more effectively appeal to them and secure their philanthropic support.
In recent years, there has been a shift in the way that philanthropy is viewed by different age groups. Older donors tend to see monetary gifts as their greatest form of impact, while younger donors are more likely to value the importance of volunteering their time and advocating for causes they care about. In addition, younger donors have embraced peer-to-peer fundraising methods such as running and cycling events. This shift is likely due to succession planning among older donors and the rise of entrepreneurship Belfast among younger generations. As family businesses are passed down from one generation to the next, succession planning has become an important consideration for older donors. Meanwhile, the rise of entrepreneurship has made younger generations more aware of the importance of giving back to their communities. As a result, philanthropy is evolving to meet the needs of different age groups.
There are a number of mindsets that drive giving (responsibility, financial stewardship, planning, spontaneity, activism and recognition), and these carry different importance with different generations. That in turn will drive their choices for whom to support and how to support them.
The full report has plenty of charts and is an easy read, and I recommend it for anyone who is active in the philanthropic world.
Consider This: Who makes philanthropic decisions on behalf of your family? Are these communicated to the family? Have you considered the ways philanthropy can be used to drive closer connections between the generations and convey the family legacy?
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SOURCE: https://davidwerdiger.com/2022/06/trusted-advisor-transition/