Millennials trust charities. So why aren’t they giving?

Compared to previous generations, millennials are more trusting of charities. However, that good faith isn’t translating into donations: in fact, the 18- to 34-year-old group is giving less, says an Angus Reid Institute and Charitable + Impact survey.

Financial constraints are the main obstacle for millennials, with 94% citing that as the reason for not donating. Others have trouble identifying the right cause, with 58% saying they would give more if they could find the perfect cause for them, while 54% report they would give more if they were approached by charities and causes in a different manner.

Read: Finding the right donation strategy for every client

Millennials are more likely to agree charities can be trusted with the money donors give to them, and they’re likely to disagree charities waste too much money on things like salaries, administrative costs and fundraising. However, they’re also more likely to feel a lack of control over where their donations are going and that their money is not going towards causes they care most about.

Millennials are also exercising their charitable muscles in different ways than previous generations. While they’re less likely to donate money, they are more likely to volunteer. They also engage with charitable content online, by liking and sharing, and they’re 50% more likely than other age groups in Canada to have responded to a request for donation through a social media platform.

Read more about the survey’s general findings here: Why aren’t Canadians giving more?

About the survey: An online survey was conducted from Nov. 3 to Nov. 10, 2017. A sample of 2,072 Canadian adults were surveyed.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.