A recent study shows that millennials care more about others than any other generation in recent history. But, the data also identifies an important gap: 49 percent don’t have a will at all, and only 31 percent have a will that’s up-to-date. Without proper estate planning, their assets may never end up in the hands of the organizations millennials want to invest in to make a difference.
The latest news on the millennials – a survey by TD and Environics Research Group published on November 13 – shows that they’re more intent on leaving the right kind of legacy than the generations before them, by making a difference in the world.
In fact, the research, published under the title “Millenni-Factors” (a term coined for millennial benefactors), shows that 77 percent of affluent Canadians in this demographic believe that it’s important to leave a legacy, and 63 percent of those go even further in thinking it’s their “duty.” These numbers compare to the 33 percent of Baby Boomers and 43 percent of Generation Xers who feel leaving a legacy through philanthropic efforts is important.
What does this mean for philanthropy in Canada? According to this research, to these millennials, leaving a legacy doesn’t just mean they intend to leave their mark on the world through impactful investing during their lifetime; it also means that many will opt to leave all or part of their estate to charitable causes and organizations.
How will they choose where and how to invest their estate? Thirty-six percent said they will decide based on their belief that the organization has good intentions. The second driving force is because they support the organization’s mission, according to 34 percent. And, the third criterion, according to 26 percent, is because they have a personal connection to the organization.
Advisors who start a philanthropic conversation with this cohort, will forge valuable relationships and potentially a multi-stakeholder approach to sustainable wealth management.
Additional educational resources: Coming in 2019 — the MFA-Philanthropy designation! The Canadian Association of Gift Planners (CAGP), Knowledge Bureau and Spire Philanthropy are pleased to announce their collaboration to introduce a new professional designation for the financial services sector. Advisors with the MFA™-Philanthropy designation will acquire specialized professional credentials qualifying them to develop plans for individuals and families interested in strategic philanthropy. Learn how to help millennials and other philanthropy-focused demographics reach their goals. Pre-register today!
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