Who are the ‘next generation’, that everyone talks about?
Over the last few years, the terms ‘next generation’, ‘millennials’, ‘Gen Z’ are used time and time again. How can you know who fits into which group – and what they are?
Let’s clarify this for you. If you were born between:
- 1980-1994 – you are Generation Y (millennials)
- 1995-2009 – you are Generation Z
- 2010-2024 – you are Generation Alpha
For ease of understanding, let’s focus on the term ‘next generation’ covering all of these groups.
From a philanthropy perspective, there are two reasons why the focus is increasing on the next generation. Firstly, on the whole, the next generation has a stronger focus on social values than older generations. This reflects the era in which they have grown up, with its heightened focus on all the issues that contribute to the agenda of sustainability.
Secondly, there is an expectation that by 2047, an estimated £5.5 trillion will transfer from the older generation to the next generation (Kings Court Trust, Passing on the Pounds).
What can you do if you are part of the next generation?
As the next generation becomes more present in society, the philanthropy sector and charities will need to adapt.
In 2021, we published the Giving Needs of the Future Wealthy report, which showed that when next generation donors and charities use certain words or terms, they are often not using them with the same intended meaning.
This supplementary report, You Say: We Say highlights that area. Charities and next generation donors need to make sure they are speaking the same language and that they have a shared view around terminology and key concepts.
We also identified Four Personalities among the next generation of donors. The report shows how young, busy professionals are approaching philanthropy.
We also published the Business One-Pager which identifies how businesses can support young professionals to get started in philanthropy.
Here are two case studies about how inheritors from different families are managing
their family wealth:
Becky and Lauren Holmes
Becky, Lauren and their father, Bill Holmes set up the Helvellyn Foundation, a family foundation ‘with a vision to live in a world where nature is thriving and everyone cares for it’.
Kate Symondson
Kate manages the grantmaking strategy of the
Symondson Foundation, which receives its funding from the investments made through her family office.
There are networks for next-generation philanthropists which can help you explore and follow your donor journey: