The Giving Generation
During a challenging economic time the ME ME ME generation is surprising trend forecasters by doing the opposite of what some might think. Instead of being stingy with their money, they are time and time again opening their wallets. But the Millennials are not opening their wallets for just any given reason. This generation is participating, and participating fully in the sharing economy and opening their wallets for social projects which ring true to their beliefs. What does this say about our economy? What does it say about the future of economic justice for projects and initiatives that are trying to get the word out and make a difference?
How to Get Millennials to Open Their Wallets for Social Projects
In 2004, Kethleen Kelly Janus co-founded Spark, a nonprofit organization that supports global women’s issues. Starting with six women in their 20s, Spark is now a network of 15,000 members and the largest network of millennial donors in the world. Over the past ten years, they have raised more than $1.5 million in relatively small contributions, mostly less than $100. As Spark grew, The Women’s Funding Network, a group of more than 160 women’s foundations around the world—typically run by baby boomers—began to take notice.
The leadership asked them for their secret sauce: how do they get more millennials involved in the women’s movement? The network was having trouble galvanizing them and, more specifically, getting them to open their wallets. Although research shows that close to 85 percent of millennials donate to nonprofit organizations, the majority of the network’s donors were much older.
Cultivating the next generation of donors is the lifeblood of the future of any nonprofit. TheStanford Social Innovation Review has explored how the millennial generation gets involved with and gives to social causes. To be successful, nonprofits must cater to younger and older donors alike. But that’s a lot easier said than done.
Read the results of their research on how millennials connect, get involved, and give here.
For some background information on this topic, also read: Millennials and the Social Sector: What’s Next?
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