As an attorney, accountant, or financial advisor, you are no doubt very skilled at getting inside your clients' heads. Understanding your clients' goals and motivations is critical to creating financial, estate, and charitable giving plans.
But have you ever wondered what's going on inside the hearts and minds of the community-conscious, socially-connected next generation? These are the people who are your future clients, whether they are children and grandchildren of your current clients or new clients whom you've not yet met. That's the mindset you want to understand.
To start thinking like the next generation, consider the magnitude of social consciousness. It's on the upswing! Hundreds of research studies and white papers collected by the Social Impact Benchmark show us numbers like these:
79% of consumers said they would likely switch brands based on associations with a good cause, when price and quality are equal
85% of Americans say that they have a more positive image of a product or company when it supports a cause they care about
85% of consumers say it is positive for companies to involve causes in their marketing
84% of employees state that selecting their own cause is an important factor in determining their support of a company’s cause efforts, and 94% of millennials want to use their talents for doing good.
79% of employees feel it is important that their employers provide matching gifts, 76% want paid time off to volunteer, and 74% of employees expect company-sponsored volunteer days
56% of millennials say they would likely refuse to work for a company that is not socially responsible
- MBA graduates would forgo $13,700 in salary to be part of a company that is socially responsible
There is perhaps no better example of the shifting philanthropic mindset than the rapid rise in popularity of the donor-advised fund. According to a report issued in 2016 by the National Philanthropic Trust, contributions to donor-advised funds hit an all-time high of $22.6 billion in 2015. This represents a record-setting 8.4% of total giving in America. Assets held in donor-advised funds now tops $78 billion, which is more than double the 2011 level of total assets which was just over $38 billion. The total number of donor-advised funds in 2015 was 269,180, up 11% from the year before. By comparison, the 81,802 private foundations in the U.S. grew at only 3% year-over-year. Donor-advised funds are quickly becoming the charitable planning tool of choice, showing us that people enjoy getting involved with their own giving and pursuing philanthropy, by doing it their way.
Your Community Foundation knows philanthropy will grow if your clients feel better about their experiences with doing good. When we work together, all boats will rise in our social impact culture! Good things will happen, whether you are an executive who aspires to improve employee engagement and employer brand, a financial advisor building a business through philanthropy tools, an attorney building a practice focused on the next generation, or a nonprofit leader who is committed to raise funds to sustain a mission.
The team at the Community Foundation looks forward to working with you to serve the next generation of your clients and community philanthropists!