Young, rich Canadians are thinking they’d like to leave some money to a worthy cause when they go.
A survey conducted for TD Canada Trust revealed that millennials are leaning strongly in that direction. Approximately three-quarters of those in this age category felt this way, compared to 33 per cent of baby-boomers and 42 per cent of GenXers. This was a survey of high net worth Canadians across the age spectrum.
The group of millennial benefactors – which has been named millenni-factors – feel they have a duty to leave something of a legacy. The Bank says this represents a changing attitude, although the differences among the age categories is also striking. The older the individuals surveyed, the less likely they were to be thinking of their legacy.
It would be interesting to know if 20 years from now the millennials held their current viewpoint.
For charities looking to tap this emerging market, the survey found that the most important decision point for millennials in choosing a legacy recipient was that the organization had good intentions and the donor was sympathetic to their mission.