Bank of America Study: Gen Z and Millennials Expand Philanthropic Reach

New research from Bank of America Private Bank indicates that younger generations of wealthy donors are adopting a distinct approach to philanthropy, supporting an average of 12 charitable causes compared to eight among all wealthy donors. These Gen Z and Millennial donors are also employing a broader range of giving tools, including charitable trusts and family foundations.

Despite this heightened engagement, fewer than half of wealthy Americans (47%) believe the next generation is prepared to take over family philanthropic causes. This figure represents a decline from 55% in the previous year, highlighting challenges in intergenerational transfer of philanthropic leadership.

"Philanthropy is becoming increasingly multigenerational," stated Jennifer Chandler, Head of Philanthropic Solutions at Bank of America Private Bank. "Younger donors want to honor the charitable traditions that shaped them, but they also want to define their own impact. The opportunity for families is to engage the next generation early, creating a shared vision for giving while allowing room for new priorities and approaches."

Overall giving remained strong in 2025, with nearly nine in 10 wealthy Americans (89%) contributing to charities, primarily focusing on basic needs, healthcare, and disaster relief. Volunteerism also saw an increase, with 49% of wealthy individuals volunteering in 2025, up from 42% in 2023. The study further points to generational differences in the methods of giving, with younger donors favoring more diverse approaches beyond direct cash contributions.