Generation X millionaires give nearly twice as much to charity on average compared to older generations, according to a new survey.
Northern Trust's 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 percent of their estate to charity, compared to 16 percent for Boomers and 14 percent 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 percent of older millionaires), and 12 percent stated that honoring a loved one was their primary goal (compared with 5 percent of older millionaires).
Gen X millionaires also seem to be more globally inclined in their charitable giving than older generations: 14 percent of the organizations receiving donations from Gen X households operate internationally, compared with 8 percent for Baby Boomers and 5 percent for Silent Generation millionaires.
