The Great Transfer of Wealth: How to Activate Millennial Philanthropy
Episode Summary
Nearly 75 million people make up the Millennial generation in the United States, and yet, for many nonprofits, this generation remains an untapped resource. The most significant transfer of wealth known as the Great Transfer of Wealth is shifting from older generations to the Millennials and younger ones.
This transfer has prompted nonprofits to navigate new realities caused by the pandemic and other social issues. Dr. Holly Hull Miori, an academic, researcher, and fundraising professional, has developed a comprehensive guide that explores the potential roles that Millennials can and should assume in nonprofits, including those of donors, board members, and volunteers.
Her guide offers insights and actionable strategies for unlocking the potential of this emerging group.
The book presents six distinct findings, providing innovative ideas that nonprofits and fundraisers can implement to engage the Millennial generation effectively. Join us for this important conversation!
Select Episode Highlights
On Millennial donors
The Millennials were born between 1980-1999.
Millennials do not listen to their parents. Fundraisers need to care about Millennials as individuals and not for their parents’ wealth.
Ask your Millennial donors what do they want? What do they like? They want to be heard.
On Millennial stereotypes
Stems from youthful notions but it is important to note the external influences on generational behavior.
Dr. Miori calls the Millennials the “Fallout Generation”— having experienced traumatic events such as 9/11, Hurricane Katrina, Great Economic Recession and political age during the period of coming of age.
The stereotypes are a factor in gatekeeping Millennials from boardship.
Difference in Giving Patterns Between Millennials and Baby Boomers
Millennials want transparency on fundraising models.
They want big brands, doing big impact, working at local levels.
Volunteerism is 3x higher than Baby Boomers because the impact at local levels is visible.
Millennials engage in “angry giving.”
Millennials are giving in response to political unrest every two years.
Galas and the pageantry of philanthropy do not appeal to Millennials.
How to Steward Millennials
Do not put Millennials in a box.
Provide leadership opportunities.
Communicate the value of their small gifts and the organization’s impact.
Send a handwritten Thank You note. Millennials still appreciate paper.
Episode Guest
Dr. Holly Hull Miori
PhD, MPA, MTS, CFRE
