The latest generation of young, wealthy philanthropists want to use their money to close the gap between the rich and the poor, according to a new global survey.
The survey by the Charities Aid Foundation (CAF) found that the generation of people born between 1980 and 1999, known as Y-givers, most wanted to close the inequality gap, with just under half (44%) thinking it was the biggest problem facing society today.
In comparison, only 28% of people over 45 thought that the gap between the rich and poor was society’s biggest problem today. Instead, those over 45, known as generation-X, preferred to donate to causes supporting the older generation.
Global mindset to charitable giving
Looking at money attitudes of those under 30 and those over 45, the survey, conducted by wealth consultancy Scorpio Partnerships, asked 1,428 people from the UK, Australia, USA, Canada, Singapore and Malaysia, each with an average net worth of £1.5m ($2.4m).
The survey found that on average, wealthy people under 30 gave $10,196 in 2009-10, which was $3000 more than those over 45, who donated, on average, $7,382.
John Canady, director of philanthropy at the Charities Aid Foundation, said: "Our report shows that there is a group of wealthy young professionals who want to roll up their sleeves, get involved and really make a profound difference to the causes they care about."
The survey also found that the under 30s were keen on getting involved in the social side of giving, with nearly two out of five (38%) younger donors getting involved in giving circles where people collectively give to a specific cause.