As the amount of baby boomers and Generation Xers in the workforce dwindles, with many researchers estimating that half of the working class in 2020 will be millennials, it is vital to reach out as they come into their own with more disposable income.
Key Facts
Targeting millennials should rank highly on your to-do list for the following reasons:
- Millennials are Historically Charitable
As progressive ideals continue to grow, there is no doubt that millennials are shaping up to be the most philanthropic generation ever observed. This generation has taken philanthropy to a new level; donating a higher proportion of earnings and committing more time to charitable causes than any other before them.
Case Foundation’s Millennial Impact Report showed that a staggering 84% of working class millennials donated to charity and 70% spent at least one hour of their time supporting a cause they believed in. Seeing as a significant portion of these millennials are still dealing with mortgages and student debt amongst other things, these numbers can only improve.
- Potential Charitable Windfall From Inheritances
Beyond donating their own money, there is a bit of old money in play as well. Experts expect an intergenerational wealth transfer in the region of $30 trillion, in the form of inheritance providing even more disposable assets for millennials to channel towards philanthropy.
Appealing To Millennial Donors
Reaching out to millennials is essential to running a sustainable and successful nonprofit. Here are a few strategies to consider:
- Leverage Convenient Technology
In a fast-paced world and especially growing up with rapid advancements in tech, millennials place a premium on speed and ease. Online and texting donations are some of the preferred avenues to give to charity. The Giving Report reveals that 55% of millennials prefer to give to charity through online payment platforms, rather than conventional payments like bank transfers and deposits. - Build Social Clout
An effective way to push your cause is to delegate this task to others via social media platforms. The rise of social media and the manner in which the world has become a global market has made socializing much easier. Create a veritable and active social media presence for your organization; share relevant articles, images, and videos that can be shared by your audience. Engaging content spurs millennials into sharing posts pertaining to your organization with their friends, acquaintances and social media followers. - Put A Face to Your Campaign
Put a face (or faces) to your fundraising campaign; an emotional story, or narrative that the average person can relate to. Building your campaign on a foundation that resonates with millennials serves a dual purpose; pushing them to immediate action and creating meaningful, long-term attachments with your campaign. - Coordinate Local Businesses
Millennial employees want to give to charity and in so many cases, are unable to with no organizational structure ease their search for philanthropy. As stated earlier, 84% of millennial employees give to charity and this number can only grow with charitable donations introduced by corporate. - Ask
Increasingly liberal and concerned with the plight of others and their community at large, millennials are at the forefront of philanthropy in this age. As long as your cause is relatable and is objectively impactful, you only need ask for donations, millennial donors are in the mood for charity.