Anyone involved in fundraising is likely tired of hearing about Millennials. It might seem like they’re all everyone wants to talk about.
According to Future Fundraising Now, Baby Boomers control 80% of all financial wealth in the U.S. and spend 78% of all dollars spent online. Millennials, on the other hand, earn 20% less than Boomers did at the start of their careers, and they only give 11% of all dollars given by individuals to charity.
So what’s the big deal? Millennials are now the largest segment of the population, at 75.4 million people — and population estimates show older generations in decline. Clearly, fundraisers must pay attention to this enormous segment of the populace. But why?
1. They’re Mobile
Millennials are the first all-mobile generation. They use their phones for just about every kind of research and transaction. 93% of Millennials download apps monthly and 97.5% of Millennials own a smartphone, compared to 80% of adults ages 55-64 and 68% over age 65.
This means that mobile isn’t just a trend: it’s the norm. As your older donors continue to age, you must have a plan in place to address the ways in which younger people live their lives. The mobile giving space might be smaller in relation to the more traditional methods utilized by Baby Boomers, but it’s growing rapidly.
2. They’re Connected
Coming of age in the era of social media and mobile devices, Millennials are the most engaged on social media and often rely heavily on sites like Facebook for their daily news intake. Their social media use goes beyond merely socializing, though:
In a post on Care2’s Digital Engagement Blog, twenty-something writer Alejandra Guerrero says:
When it comes to donations, I prefer to contribute money online or on my phone rather than doing so in person because this allows me to conduct my own research through sources I personally trust.
Not only are Millennials hyper-connected, they’re hyper-aware and prefer to engage with nonprofits and charities using the tools that permeate the rest of their lives: their smartphones.
3. They Care
Despite the somewhat popular perception, Millennials are actively engaged with charitable giving and volunteerism. Another Millennial Impact Report shows that:
Half of 75.4 million people is…a lot of people. Besides participating in online and offline activism, Millennials are clearly making their presence known by where—and how—they choose to donate their money. This huge portion of the population represents your future donors, and you ignore them at your own peril.
Mobile Giving Meets Millennial Expectations
Based on all the evidence, mobile giving will soon be the standard way in which people give. While Baby Boomers might represent the lion’s share of your donations right now, it is critical to start moving along with society as a whole. Engaging the younger generations now will help you retain them into the future.
P.S. If your charity/nonprofit, place of worship, church isn’t a member yet, we’d love to show you how the Givelify mobile giving app can help.