Philanthropy analytics are most often built from “household” data. Fundraisers lament the challenges of developing a new generation of donors from those households. Data also shows that in several ethnicities the giving is decided intergenerationally.
J.P. Morgan Wealth Management issued ideas for fundraisers to help families involve children in philanthropic giving. Those methods include:
* Give the kids a say in which organization to support. For example, if a child is an animal lover, supporting a cause that cares for animals in need might be a good choice. Parents can pre-vet organizations and offer their kids a list of charities to choose from. Depending on the child’s age, parents can also encourage them to conduct some of their own research before making a choice.
* Start early and make it a tradition. When children first start to save money, setting up a system wherein funds are divided into expenses, savings and giving buckets can establish good habits for effective financial management with generosity built in.
* Help them see the difference. When children donate from their own savings or allowance funds, it can be challenging and even discouraging to see the bigger picture of how they are making a difference. Guiding them to charities where small contributions provide measurable benefits can create a sense of empowerment and boost motivation. For example, there are nonprofits that offer meals to families for a set donation price, typically less than $5.
* Go hands-on. Younger children can join parents and grandparents in volunteering, with options ranging from supporting those experiencing homelessness, participating in beach clean-ups or going on a walk for charity. Older children can benefit from more involved opportunities such as summer camps that focus on volunteer work or groups that allow them to tutor or mentor younger children in a volunteer capacity.
* Follow their passions. Matching a kid’s hobbies and interests to acts of charity can make for an even more fulfilling experience. For example, a child who loves art might find it particularly meaningful to volunteer for an organization that conducts drawing and painting activities for young cancer patients.
* Keep going. A child’s philanthropy can continue to evolve and expand into adulthood. Philanthropists can encourage their adult children to seek positions on nonprofit boards, help lead or organize volunteer events or involve them in decisions around the distribution of family wealth. When the time is right, they can look toward establishing more structured forms of giving like a donor-advised fund (DAF) or private foundation.
