Bank of America survey: 47% of wealthy see next generation prepared for family giving

The share of wealthy Americans who believe the next generation is prepared to carry forward the family's charitable legacy fell to 47% from 55% in 2024, a Bank of America Private Bank survey found. The survey was reported by WealthManagement.com.

Parents are less confident in their own children: the share who believe their children share the same commitment to giving back through philanthropy fell to 65% from 76% in 2024.

Gen Z and millennial donors support an average of 12 charitable causes, compared with eight among wealthy donors overall.

Younger donors give differently. Fifty-six percent give through direct cash contributions, against 92% of baby boomer and Silent Generation donors. They are more likely to use charitable trusts (47% vs 5%), family foundations (24% vs 2%), fundraising (30% vs 11%) and mentorship (26% vs 4%).

Food and shelter, health care and disaster relief drew the most support, at 86%, 72% and 68% respectively. Eighty-seven percent of donors say they believe they can make a tangible difference, and 83% cite personal values, beliefs and convictions, including religious, political and philosophical views.

More than one-third of wealthy individuals say their giving priorities have shifted over the past year, and 55% say changes in government policy have influenced their charitable strategies.