The changing face of wealth
Peter Cafferkey of Boncerto is quoted in this article for Meet the Leader on the next generation of giving.
Image: UnSplash.
The bridge between the youngest Gen X and oldest Gen Y (more commonly known as millennials) is marked by a rise of technology, but also increasingly evident environmental and economic instability. Having come of age during the 2008 global recession, younger UHNWIs have proven to be quite risk-averse compared to their predecessors – particularly when it comes to investing – while a craving for socially conscious impact and positive experience has seen this rise in philanthropic giving.
Yet, in 2017 alone, millennial donors gave £2.7bn to charity; according to a Fidelity Charitable study, 77% of wealthy, passionate and idealistic millennials and 72% of gen X donors have funnelled funds into impact investments – those aiding the environment, technology (companies including Tesla, for example) and areas such as gender diversity and affordable housing – while also generating a return. By contrast, among older generations impact investments make up just 30% of their portfolios.
“ These changes take a generation to kick in. Hopefully, we’re just seeing the start of that.”
Read the full piece, including Peter's quote, over at the Meet the Leader website.
