{
  "id": 12330025,
  "title": "Wealthy boomers doubt their heirs will keep giving as $124 trillion changes hands, BofA finds. The data shows a different reality",
  "url": "https://urgent.news/2026/10/06/wealthy-boomers-doubt-their-heirs-will-keep-giving-as-124-trillion",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-06T07:03:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/06/wealthy-baby-boomers-losing-faith-in-heirs-philanthropic-giving-gen-z-millennials-bank-of-america-research/"
  },
  "original_language": "en",
  "account": "Wealthy baby boomers have long built their fortunes and the philanthropic legacies that accompany them. However, as the $124 trillion Great Wealth Transfer unfolds, many older boomers are increasingly doubtful that their children will continue the family tradition of giving as they had hoped. According to research from Bank of America, fewer than half of wealthy Americans (47%) believe that the next generation is prepared to carry on family philanthropic causes, a significant drop from 55% in 2024. The share of parents who think their children share their commitment to charitable giving has even declined to 65% from 76%.\n\nBank of America surveyed over 1,430 wealthy individuals in the U.S. aged 21 or older with at least $3 million in investable assets (excluding primary residences). This confidence gap in philanthropy echoes broader concerns among wealth advisors about whether heirs are ready for such vast assets. Tom Thiegs, managing director of leadership and legacy at Ascent Private Capital Management with U.S. Bank, notes that parents' fears are very real regarding the potential dampening of their children's drive. Trent Von Ahsen of Cedar Point Capital Partners echoes this sentiment, stating his clients are favoring mentorship and phased wealth transfers over lump-sum inheritances.\n\nInterestingly, younger donors are proving to be more engaged philanthropists than their older counterparts. Gen Z and millennial donors average 12 charitable causes, twice the number supported by wealth donors on average. They are also more likely to use donor-advised funds and believe that honoring their family's philanthropic tradition is equally important as establishing their own charitable identity. Jennifer Chandler, head of philanthropic solutions at Bank of America Private Bank, emphasizes that younger donors seek to honor the traditions that shaped them while forging their own paths in impact. The study suggests that families should engage the next generation early, establishing a shared vision for giving while accommodating new priorities and methods.\n\nGenerational differences also manifest in the manner of giving. Among baby boomer and Silent Generation donors, 92% contribute through cash, whereas only 56% of Gen Z and millennial donors follow this pattern. Younger donors are more inclined to give through charitable trusts, family foundations, fundraising, and mentorship. This inclination is partly due to inheritance patterns. Many younger donors come from families that already established foundations, charitable trusts, or donor-advised funds, according to Dianne Chipps Bailey, managing director of BofA’s Philanthropic Solutions division. Younger donors are also drawn to DAFs due to their digital-first nature.\n\nMoreover, the way younger donors wish to engage differs significantly. They are nearly three times more likely to fundraise for causes they support (30% compared to 11%) and six times more likely to mentor (26% versus 4%). However, nonprofits are grappling with how to adapt to this hands-on approach. Community organizations have historically cultivated baby boomer donors, and this connection weakens with each generation removed from the original. Steve Isom, chief operating and financial officer of donor-software firm Bloomerang, observes that while younger donors are willing to trust organizations, they want to see exactly where their funds are going. Bloomerang's data also indicates that Gen Z and millennials are the most active donors, with millennials topping the list as the most active donor generation.",
  "summary": "Younger donors give to more causes than their parents—but only 47% of the wealthy think they're ready.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}