The Slacker Generation may be more charitable than the Greatest Generation.
According to a fresh survey from Northern Trust, which polled 1,000 households with investible assets of at least $1 million, Generation X millionaire households (those ages 28 to 42) gave away more money than Baby Boomers (43 to 61) or Silent Generationers (62 to 77). GenXers gave an average of $20,000 in 2006, compared with $10,000 for the older millionaire households. [DOUBLE!]
The GenXers also are more charitable in their plans for the afterlife. They expect to leave 22% of their estates to charity, compared with 16% for Boomers and 14% for Silent Generation millionaires.
The charitable goals for GenXers, however, are a little more self-centered. Fully 15% 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.
GenXers, not surprisingly, do give a bit more to global causes. Roughly 14% of the organizations receiving donations from Gen X households operate internationally, compared with 8% for Baby Boomers and 5% for Silent Generation millionaires.
Perhaps the slacker set has been misjudged. Maybe those children raised in the 1970s, amid social turmoil and growing globalism, now place greater importance on trying to solve the world’s problems. Maybe, after watching the boomers preach idealism in the 1960s and then define the “greed is good” generation of the 1980s and 1990s, the GenXers are charting their own course.