Generation X millionaires give nearly twice as much to charity on average compared to older generations, according to a new survey.
Northern Trusts third annual Wealth in America survey of high-net-worth individuals and families found that Gen X millionaire households (ages 28 to 42) gave nearly $20,000 in 2006, compared to Baby Boomers (ages 43 to 61) and so-called Silent Generation millionaires (ages 62 to 77), who gave roughly $10,000.
Gen X millionaires plan to increase their giving modestly this year, unlike older high-net-worth households, who expect their 2008 giving to remain at about the same levels as 2006 and 2007. Gen X households are also more generous in their intended charitable bequests, planning to give 22% of their estate to charity, compared to 16% for Boomers and 14% for Silent Generation millionaires.
When asked about their main philanthropic goals, Gen X millionaires were more motivated to accomplish family-related goals than older generations. Fifteen percent of Gen X millionaires stated that creating a lasting legacy for themselves or their family was their main goal (compared with 4% of older millionaires), and 12% stated that honoring a loved one was their primary goal (compared with 5% of older millionaires).
Gen X millionaires also seem to be more globally inclined in their charitable giving than older generations: 14% of the organizations receiving donations from Gen X households operate internationally, compared with 8% for Baby Boomers and 5% for Silent Generation millionaires.