Bank of America Study Finds Gen Z and Millennial Donors Bring New Approach to Giving

One-quarter of philanthropists do not measure the impact of their giving, rising to 31% among Boomer and Silent Generation donors.

Rhea-AI Summary

Bank of America (BAC) released Private Bank research finding that younger wealthy donors support more charitable causes and use different giving methods. Gen Z and Millennial donors support an average of 12 causes, compared with eight among wealthy donors overall. Direct cash contributions are less common among younger donors: 56% use them, versus 92% of Boomer and Silent Generation donors.

Among wealthy Americans, 89% gave to charity in 2025, while 49% volunteered, up from 42% in 2023. Confidence in succession declined: 47% believe the next generation is prepared to take on family philanthropic causes, down from 55% in 2024. Nearly one in 10 wealthy individuals use a donor-advised fund, a charitable giving vehicle that allows donors to recommend grants over time. Among current users, 75% plan to increase contributions over the next three years.

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New Private Bank research finds younger donors are broadening where and how they give, even as confidence in philanthropic succession declines

Key takeaways

• Nearly nine in 10 wealthy Americans (89%) gave to charity in 2025, most commonly directing donations towards supporting basic needs, health care and disaster relief efforts. 
• Nearly half of wealthy Americans (49%) volunteered in 2025, up from 42% in 2023.
• Gen Z and Millennial donors support an average of 12 charitable causes, compared with eight among wealthy donors overall, and are more likely to use a wider range of giving tools, including charitable trusts, family foundations, fundraising and mentorship.
• Despite strong engagement from younger donors, fewer than half of wealthy Americans (47%) believe the next generation is prepared to take on family philanthropic causes, down from 55% in 2024.

NEW YORK, Sept. 30, 2026 /PRNewswire/ -- New research from Bank of America Private Bank finds that a new generation of wealthy donors is bringing a distinct approach to philanthropy, supporting more causes and utilizing a broader range of charitable tools than previous generations. Gen Z and Millennial donors support an average of 12 causes, compared with eight among wealthy donors overall. Despite this level of engagement, fewer than half of wealthy Americans (47%) believe the next generation is prepared to take on philanthropic causes, highlighting both the opportunities and challenges facing families as philanthropic leadership passes between generations. 

Watch Jennifer Chandler discuss findings of Bank of America's philanthropy research.

"Philanthropy is becoming increasingly multigenerational," said Jennifer Chandler, Head of Philanthropic Solutions at Bank of America Private Bank. "Younger donors want to honor the charitable traditions that shaped them, but they also want to define their own impact. The opportunity for families is to engage the next generation early, creating a shared vision for giving while allowing room for new priorities and approaches."

The next generation's approach to giving

• Gen Z and Millennial donors support an average of 12 charitable causes, compared with eight among wealthy donors overall, and give to a broad range of causes.
• Younger donors are less likely to give through direct cash contributions (56% vs. 92% of Boomer and Silent Generation donors) but are more likely to use a broader range of philanthropic approaches, some of which they may have inherited, including charitable trusts (47% vs. 5%), family foundations (24% vs. 2%), fundraising (30% vs. 11%) and mentorship (26% vs. 4%).
• Younger donors are balancing tradition and individuality: 87% say it is important to honor their family's philanthropic legacy, while 86% say it is equally important to establish their own charitable identity.
• The share of parents who believe their children share the same commitment to giving back through philanthropy fell to 65% from 76% in 2024.
• Fewer than half of wealthy individuals (47%) believe the next generation is prepared to take on family philanthropic causes, down from 55% in 2024.

Giving remains strong as priorities evolve

• Nearly nine in 10 wealthy Americans (89%) contributed to charitable causes in 2025, supporting an average of eight causes, led by basic needs (86%), health care (72%) and disaster relief (68%).
• Philanthropy is deeply tied to both impact and personal conviction, with 87% of donors saying they give because they believe they can make a difference and 83% citing personal values or beliefs, including religious, political and philosophical views.
• Donors are increasingly looking beyond financial contributions alone, with nearly half (49%) volunteering their time in 2025, up from 42% in 2023.
• More than one-third of wealthy individuals (36%) say their philanthropic priorities have changed over the past year.
• Despite this strong sense of purpose, one-quarter of philanthropists (25%) say they do not measure the impact of their giving at all, rising to 31% among Boomer and Silent Generation donors.

Donor-Advised Funds offer opportunity for future growth

• Nearly one in 10 wealthy individuals currently use a donor-advised fund (DAF) – with adoption approximately twice as high among Gen Z and Millennial donors – and 75% of current DAF users plan to increase contributions over the next three years.
• Current DAF users cite strong benefits, such as the ability to invest assets for tax-free growth (98%), maximize tax benefits (96%) and simplify charitable giving (94%).
• However, awareness remains a barrier: Only 14% of non-users strongly agree that they understand how DAFs work.

Read more about the study findings: Building trust in Agentic Commerce

Frequently asked questions
Question: What trends are shaping philanthropy among wealthy Americans today?

Answer: Our latest study found that philanthropy remains a priority for wealthy Americans, with 89% contributing to charitable causes in 2025. At the same time, giving is becoming more dynamic and personalized. More than one-third of donors say their philanthropic priorities have changed over the past year. Donors are also engaging in new ways, with volunteerism rising from 42% in 2023 to 49% in 2025.

Question: How does Bank of America Private Bank help clients navigate today's evolving philanthropic landscape?

Answer: Bank of America Private Bank helps clients align their philanthropy with their values, financial goals and desired impact. Through providing support and access to the wide variety of charitable giving vehicles donors rely on, we help individuals, families and institutions evaluate giving strategies, identify causes and organizations that matter most to them and develop approaches that can evolve alongside their priorities and circumstances.

Question: What role are younger generations playing in the future of philanthropy?

Answer: Younger wealthy donors are taking an increasingly diversified approach to giving. Gen Z and Millennial donors support more causes on average than wealthy donors overall and are more likely to engage through charitable trusts, family foundations, fundraising and mentorship. At the same time, many are balancing a desire to honor their family's philanthropic legacy with a commitment to creating their own charitable identity.

Question: How does Bank of America Private Bank support family conversations around philanthropy?

Answer: Philanthropy can be a powerful way to bring families together around shared values and long-term goals. Bank of America Private Bank helps facilitate family discussions about charitable priorities, decision-making and legacy planning, while creating opportunities for younger generations to participate and develop their own perspectives on giving.

Question: What is a donor-advised fund, and why are some donors using them?

Answer: A donor-advised fund (DAF) is a charitable giving vehicle that allows donors to make charitable contributions, potentially receive an immediate, market-rate tax deduction and recommend grants to nonprofit organizations over time. Our study found that current DAF users cite strong benefits, particularly the ability to invest assets for potential tax-free growth, simplify charitable giving and maximize tax benefits. Advisors can help clients determine whether a donor-advised fund may be appropriate given their philanthropic and financial objectives.

2026 Bank of America Private Bank Study of Wealthy Americans Methodology
Escalent, an independent market research company, conducted an online survey on behalf of Bank of America Private Bank among 1,431 wealthy individuals in the United States. Respondents were ages 21 or older with at least $3 million dollars in investable assets, excluding primary residence. Participants were sourced from multiple panel providers targeting wealthy individuals. The survey was fielded from January 8, 2026, to February 5, 2026. Data were weighted to reflect the U.S. high‑net‑worth population by age, investable assets, region, and gender, and respondents are not necessarily clients of Bank of America or its wealth and investment management businesses.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 69 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 60 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries and/or jurisdictions. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact

Julia Ehrenfeld, Bank of America
Phone: 1. 646.855.3267
julia.ehrenfeld@bofa.com

Carolyn Batt, Bank of America
Phone: 1.646.983.1369
carolyn.batt@bofa.com

Important disclosures
Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

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SOURCE Bank of America Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How do younger wealthy donors differ in Bank of America's philanthropy study?

Gen Z and Millennial donors support an average of 12 charitable causes, compared with eight among wealthy donors overall. They are more likely than Boomer and Silent Generation donors to use charitable trusts and family foundations, as well as fundraising and mentorship.

What did Bank of America's study find about philanthropic succession?

47% of wealthy individuals believe the next generation is prepared to take on family philanthropic causes, down from 55% in 2024. The share of parents who believe their children share the same commitment to giving back through philanthropy fell to 65% from 76% in 2024.

Who was surveyed for Bank of America's 2026 philanthropy research?

Escalent surveyed 1,431 wealthy U.S. individuals ages 21 or older with at least $3 million in investable assets, excluding their primary residence. The online survey ran from January 8 to February 5, 2026. Data were weighted by age, investable assets, region and gender; respondents were not necessarily Bank of America clients.

What barrier to donor-advised fund adoption did Bank of America's study identify?

Only 14% of non-users strongly agree that they understand how donor-advised funds work. Among current users, 98% cite the ability to invest assets for tax-free growth as a benefit, 96% cite maximizing tax benefits and 94% cite simplifying charitable giving.