Bank of America survey: 47% see next generation ready to carry on family giving

Fewer than half of wealthy Americans, 47%, believe the next generation is prepared to carry forward the family's charitable legacy, down from 55% in 2024, according to a Bank of America Private Bank survey reported by WealthManagement.com. The share of parents who believe their children share the same commitment to giving back through philanthropy fell to 65% from 76% in 2024.

Gen Z and millennial donors support an average of 12 charitable causes, compared with eight for wealthy donors overall, the survey found. They are less likely to give through direct cash contributions — 56% do, against 92% of baby boomer and Silent Generation donors — and the survey describes them as using a wider range of philanthropic tools.

Start with the cash split. An advisor whose philanthropic planning defaults to an annual check is working from a template that fits 92% of baby boomer and Silent Generation donors and 56% of the younger cohort. Parents answer the succession question more confidently than the wealthy population at large does: 65% believe their children share the same commitment to giving, a question asked only of parents. Both readings point at the same practical problem for families with a giving plan — the structures and the intent do not necessarily transfer with the money.

Basic necessities such as food and shelter draw 86% of donors, health care 72% and disaster relief 68%. On motivation, 87% believe they can make a tangible difference, and 83% cite personal values and beliefs, including religious, political and philosophical views.

More than one-third of wealthy individuals say their priorities have shifted over the past year, and 55% say changes in government policy have influenced their charitable strategies.