The state of philanthropy is in the midst of change. At this time, donors have a wealth of information at their disposal. They can find out about many different charities and the work that they do around the world much easier than they could have a decade ago. Giving has also become more convenient and more technological.
One of the biggest changes in philanthropy is a result of the millennial generation coming of age. This generation has distinct ideas regarding how they want to give their money and who they want to give it to.
Millennials are demanding that any organization that they give their money to be transparent. They want to be able to see the financial data regarding a specific charity. Millennials want to see how much money a charity spends on salaries, fundraising, and how much money is actually spent on helping to make the world a better place. Millennials want to know that the money they give is doing something good and not just lining someone’s pockets.
Millennials are attracted to give to an organization that tells a good story as well. If a charity is going to be effective in obtaining donations from those in this generational group, the charity will need to share compelling stories of how the charity changed the course of life for someone. Millennials want to see tangible examples of a charity at work in the world.
Technology is highly important to those in the millennial generation. Almost all millennials have a smartphone, and they are well-versed in the use of apps. They are knowledgeable in the ways of giving online.
If a millennial is going to donate to a specific charity, that charity has to have a process that makes giving easy. They are more likely to donate to a charity that is able to provide a way to donate online or through an app. Giving has to be quick and to the point.
Millennials are changing the way that charitable organizations have to operate and how they need to present their mission and work. With a targeted message, charities can reach this important demographic group.