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Make philanthropy a family affair

October 10, 2023

There are many ways to engage younger generations in philanthropic pursuits. Learn about them here.

By China Llanos

Digital Content Writer & Editor, J.P. Morgan Wealth Management

By China Llanos

Key takeaways

Philanthropy can involve the whole family.
Participating in hands-on volunteerism can help spark the interest of young people.
Aligning personal values and passions to philanthropic pursuits can increase engagement and foster a sense of fulfillment.

The holidays tend to kindle a spirit of generosity. To make their gifts and experiences more meaningful, many individuals practice philanthropy, especially during the last two months of the year – a time thus known as Giving Season.

Philanthropy can be a family affair. When charitable giving is made to be an annual tradition, or even a way of life, parents and grandparents can help instill philanthropic values in the next generation of wealth holders.

Philanthropy can be a medium through which to express your family’s values or pursue passions when supporting specific causes. Matching your or your family’s interests to charitable outreach personalizes the experience, which can boost motivation and engagement.

Fostering compassion and care in younger generations for other people, communities and causes is an important goal for many parents and grandparents. With a busy social calendar and holiday gifting dominating kids’ attention, you may need to look for creative ways to pique your kids’ interest in getting involved with Giving Season.

How to water the seeds of budding philanthropists

Start the conversation by discussing your family’s financial values and the kind of positive impact you strive for the family to make. Then, consider how to help your kids contribute individually and in a way that feels meaningful to them.

Here are a few ways to encourage an enthusiasm for giving in your children:

Give the kids a say in which organization to support. For example, if your child is an animal lover, supporting a cause that cares for animals in need may be a good choice. Parents can pre-vet organizations and offer their kids a list of charities to choose from. Depending on your child’s age, you can also encourage them to conduct some of their own research before making a choice.
Start early and make it a tradition. When children first start to save money, setting up a system wherein funds are divided into expenses, savings and giving buckets can establish good habits for effective financial management with generosity built in.
Help them see the difference. When kids donate from their own savings or allowance funds, it can be challenging and even discouraging to see the bigger picture of how they are making a difference. Guiding them to charities where small contributions provide measurable benefits can create a sense of empowerment and boost motivation. For example, there are organizations that are able to offer meals to families for a set donation price, typically under $5.
Go hands-on. Younger kids can join parents and grandparents in volunteering, with options ranging from supporting those experiencing homelessness, participating in beach cleanups or even going on a walk for charity. Older kids can benefit from more involved opportunities like summer camps that focus on volunteer work or groups that allow them to tutor or mentor younger kids in a volunteer capacity.
Follow their passions. Matching a kid’s hobbies and interests to acts of charity can make for an even more fulfilling experience. For example, a child who loves art may find it particularly meaningful to volunteer for an organization that conducts drawing and painting activities for young cancer patients.
Keep going. A child’s philanthropy can continue to evolve and expand into adulthood. Philanthropists can encourage their adult children to seek positions on nonprofit boards, help lead or organize volunteer events or involve them in decisions around the distribution of family wealth. When the time is right, they can look toward establishing more structured forms of giving like a donor-advised fund (DAF) or private foundation.

Bottom line

It’s never too early to engage in philanthropy. Families can bond over a common purpose as they work to make a difference in a way that is personally meaningful. Allowing kids a say in where they direct their time or funds can make for a positive experience with giving that strengthens key values like generosity and compassion for the world around them.

How can I engage younger generations in philanthropy?

A good first step is to educate children about the world’s challenges and engage in a discussion of your family’s values. As the child’s interest is piqued, you can narrow down causes to support in alignment with expressed interests. Hands-on participation and participation in financial decision-making can also boost engagement.

How do younger people benefit from volunteering?

Volunteering with others in pursuit of a common goal can build transferable skills, including professionalism, teamwork and responsibility. It also helps young people to better understand the impact they can have.

Should I plan on spending down funds earmarked for charity in my lifetime or set up a plan for giving in perpetuity?

Things to think about when deciding on your giving timeline include the urgency of the cause you are supporting, your interest in witnessing the impact of your generosity and whether younger family members are inclined to follow in your footsteps and carry out your vision.

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