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The usual skepticism regarding the next generation and if its inhabitants can be trusted is hitting philanthropy again and faith in the younger family members continues to decline.
More than one-third of wealthy, older individuals (36%) said that their philanthropic priorities have changed during the past year. Slightly fewer younger individuals agree in 2026 (40%) that they plan to support or already support the same causes as the generation before them (50% in 2024).
Data in a new study from the Bank of America Private Bank shows that nearly nine in 10 wealthy Americans (89%) gave to charity during 2025, most commonly directing donations to supporting basic needs, health care and disaster relief efforts.
Gen Z and Millennial donors support an average of 12 causes, compared with eight among wealthy donors overall. Despite this level of engagement, fewer than half of wealthy Americans (47%) believe the next generation is prepared to take on philanthropic causes and that’s a decline from 55% during 2024.
The share of parents who believe their children share the same commitment to giving back through philanthropy fell to 65% from 76% during 2024.
Escalent, an independent market research company, conducted an online survey on behalf of Bank of America Private Bank. The survey consisted of 1,431 high-net-worth (HNW) respondents throughout the U.S. Respondents in the study were at least 21 years of age with at least $3 million in investable assets, excluding primary residence.
The data showed that younger donors are less likely to give through direct cash contributions, 56% versus 92% of Boomer and Silent Generation donors. They are, however, more likely to use a broader range of philanthropic approaches, some of which they might have inherited, including charitable trusts, family foundations, fundraising, and mentorship.
The younger donors are balancing tradition and individuality: 87% responded that it is important to honor their family’s philanthropic legacy, while 86% responded that it is equally important to establish their own charitable identity.
Younger donors are also redefining philanthropy through active engagement such as fundraising (30%), mentorship (26%), family foundations (24%) and donor-advised funds (20%).
According to authors of the study, philanthropy is deeply tied to both impact and personal conviction, with 87% of donors saying they give because they believe they can make a difference and 83% citing personal values or beliefs, including religious, political and philosophical views.
Despite this strong sense of purpose, one-quarter of philanthropists (25%) responded that they do not measure the impact of their giving at all, rising to 31% among Boomer and Silent Generation donors.
The survey respondents are increasingly looking beyond financial contributions, with nearly half (49%) volunteering their time during 2025, up from 42% in 2023.
