Fewer than half of wealthy Americans, 47%, believe the next generation is prepared to take on family philanthropic causes, down from 55% in 2024, according to research from Bank of America released last week. The share of parents who believe their children share their commitment to giving back fell even more sharply to 65% from 76%, based on a survey of more than 1,430 wealthy individuals in the U.S. aged 21 or older with at least $3 million in investable assets, excluding primary residence. The findings come as the $124 trillion Great Wealth Transfer gets underway, and the confidence gap mirrors broader anxiety among wealth advisors about whether heirs are ready for any of it. Yet the study also shows younger donors are more engaged by several measures: Gen Z and millennial donors support an average of 12 charitable causes versus eight among wealth donors overall, are roughly twice as likely to use a donor-advised fund, and 87% say honoring their family's philanthropic tradition is important, while 86% say establishing their own charitable identity matters equally. Generations also diverge in method, with 92% of baby boomer and Silent Generation donors giving through cash contributions versus just 56% of Gen Z and millennial donors, who favor charitable trusts, family foundations, fundraising, and mentorship.
Bank of America CorpBofA research shows wealthy boomers doubt heirs' philanthropic readiness, a survey finding with no clear financial impact on the bank.
