Over 40% of money donated to charities comes from people who were born between 1946 and 1964, known as the baby boomer generation. One study found that 72% of baby boomers gave to charity, and the average size of donation was about $1,200. The generosity of baby boomers may seem remarkable, but there are several reasons why they may be bigger givers than the millenials, generation x, or seniors.
- There are more of them. Baby Boomers are called that because they represent a time of the highest rate of birth in American history. The baby boomer generation now contributes $47 billion a year to nonprofits.
- They are financially secure. Most boomers have worked their entire lives, and now that the stock market has recovered, their retirement plans seem more intact. Older boomers in their 60’s recently reported to Gallup that they most have more than enough money to do what they want to do.
- They shop more. Most donations are collected at retail counters, and baby boomers are the most active consumer group. They were recently found the most likely group to buy a new car and have recently become target market groups for retailers. Polling also shows they prefer brick-and-mortar stores over shopping online.
- They are more involved. Research out earlier this year is also showing that boomers are leading in time given to local community groups, which builds relationships with nonprofits and helps prompt them to give.
- They have fewer expenses. Baby boomers are finished raising children, paying for college, and likely finished paying mortgages. Generation X and millenials are still getting ready for life milestones of family and property. Seniors, on the other hand, have more health expenses.
In spite of boomers giving the most, the poll overall looked good for Americans giving to charity. Even the youngest generation showed that two thirds gave to charity at an average of $481. Seniors had the highest giving average at $1,300.