Much ink has been spilled over how younger generations are spending their money (particularly deviations from traditional spending norms). And as wealth starts to transfer from Boomers and Gen Xers to their younger heirs, a new philanthropic frontier is opening. The question becomes how and why are these rising generations giving?
We were inspired after reading Millennials and Gen Zers Are Coming Into Great Fortunes. What Art Do They Want to Buy?, a recent Artnet story that mentions “passion, connoisseurship, and nostalgia” as driving forces, along with younger generations’ desire to fill gaps in their parents’ or grandparents’ collections.
Let’s pick up that thread and explore how generational trends apply to cultural heritage giving. While it always feels a little silly to reduce entire generations into a set of behaviors, there are some stated preferences worth considering.
What makes younger donors tick? What do we know?
Values-based
You’ve likely read that Millennials and Gen Zers are driven by purpose in a way that’s different, or at least more widespread, than previous generations. They give where their values align, which means they might prioritize equity, justice, sustainability, or inclusion over simply prestige and tradition. Gen Z is the most diverse U.S. generation and, compared to prior gens, is more inclined to seek representation and equity in all forms of giving.
What can you do with that knowledge? Well, you might consider tweaking things a bit to:
- Elevate lesser-known narratives within your collections (i.e., specific causes that preserve cultural memory, fight for historical accuracy, or highlight marginalized voices can strike a chord).
- Draw connections between your historical content and current social movements.
- Be transparent about any institutional changes or priorities.
Rethinking the donor event
The social cachet that comes with being invited to and attending formal events still matters, but some of the younger cohort roll their eyes at the performative aspects of gala culture: expensive tickets, long programs, minimal connection to the cause. Could you be doing something different?
There’s a growing appetite for experiences, for smaller-scale activities like private tours, artist dinners, curated gatherings, salon-style discussions. These sorts of events feel cool and authentic, and less transactional.
Recommended read: Ways to Engage Young Museum Donors
Marrying prestige and purpose
Don’t assume the younger gens don’t care about legacy recognition. Recognition still carries weight. Realistically, there’s always a degree of ego involved, but by many accounts, younger donors are more interested in being part of the journey. According to a report from the Indiana University Lilly Family School of Philanthropy, young major donors are “seeking long-term, hands-on involvement with the issues that are important to them.”
Were you to name an initiative or space after a donor, for example, it wouldn’t be “look what I bought” so much as “look what I’ve helped build” — a subtle but important distinction. In other words, they don’t want to be perceived as doing performative (there’s that word again) philanthropy or virtue signaling, but rather garnering recognition that feels earned and authentic and tied to a greater purpose.
You might consider involving young donors more, whether in advisory roles, co-curation projects, or impact-driven programs that lets them connect with your museum.
Digital natives = opportunities to diversify
Another big takeaway, and something The Nonprofit Times explores, is that philanthropy isn’t limited to the highest income brackets.
“The term philanthropist has traditionally been associated with wealth and privilege,” Fidelity Charitable Head of Marketing Amy Pirozzolo said during a video conference. “But younger donors don’t buy into that thinking. The younger generation, their idea is that philanthropy is far more inclusive. They apply the term very broadly to anybody who gives their time, talent or treasure to making the world a better place.”
A Fidelity Charitable report referenced in that same article notes that three-quarters of millennials consider themselves philanthropists, compared with one-third of baby boomers. The ease of digital donation has surely been a major player in that shift. As such, you have to maximize the digital tools at your disposal, both to process gifts quickly and to make giving accessible.
The power of micro-giving is undeniable and has exploded in the last decade. Use platforms like Instagram, TikTok, YouTube Shorts, or GoFundMe to get in front of small-dollar donors and build grassroots support. Even a well-designed landing page on your site that connects a $10 gift to a tangible impact can add up. And don’t forget about adding a round-up option at points of sale.
Also important: Younger donors are more likely to engage when they see friends or creators they follow supporting a cause. Social sharing, campaign ambassadors, matched giving challenges … these can all contribute to that sense of momentum and belonging. Can you get a fundraising campaign to snowball?
Further (tangential) recommended reading: EO Impacts and the Next Era of Museum Funding Part 3: Charitable Contributions and Investment Income, AAM
