44 per cent of younger philanthropists feel that the gap between the rich and the poor is their key issue, compared with 28 per cent of the older
Young philanthropists believe that global inequality is the biggest problem facing the world today, a new survey has found. The Future Stars of Philanthropy report from the Charities Aid Foundation and Scorpio Partnership showed that the under-30s are more likely to ask for advice from other philanthropists than those aged over 45.
While younger and older philanthropists are agreed on the importance of issues like education and corruption, 44 per cent of the younger feel that the gap between the rich and the poor is their key issue, compared with 28 per cent of the older. By contrast, and perhaps expectedly, the older place a lot more importance on family breakdown, religious tensions and older people’s welfare.
Those both groups of philanthropists sought advice from were broadly similar, with the younger slightly preferring ‘giving circles’ where philanthropists exchange ideas and tips. As Charities minister Nick Hurd said in his interview with Spear’s last month, people communicating with each other about their charitable activities will inspire better and more giving.
Read more: Charitable giving fell by 20 per cent in 2011/12
Young philanthropist and entrepreneur Tara Nash-King (pictured top) told the survey: ‘The community aspect is so key to me. I think that was lost in the last generation. I am always looking for ways to put people back in touch with each other.’
42 per cent of the younger said they would talk to their family, compared with 28 per cent of the older, but this is explicable as the under-30s are more likely to have giving-age parents whereas the over-45s will have children too young and parents too old to ask for advice.
Younger philanthropists give away more of their money. Generation Y donated an average of $10,196 to their chosen causes in the year 2009/10, with over-45s giving $7,382 each in the same period. These young philanthropists are still amassing their fortunes, and will therefore be able to increase their giving still further in the future.
Otherwise, it was surprising how much both groups of philanthropists agreed. For example, when asked to describe what kind of giver they were, similar numbers in both groups said giving was important to them, they wanted feedback and they gave as a family. The older givers were more concerned with anonymity.
Future Stars of Philanthropy is based on data collated by Scorpio Partnership, a wealth consultancy that surveyed 1,428 people with a net worth of more than £1.5 million in the UK, Australia, Canada, Singapore and Malaysia.
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