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Giving Across Generations
It’s been more than a half-century since Crosby, Stills, Nash & Young sang Teach Your Children. People of a “certain age” remember it well. Whatever your age, or generation, there is broad agreement that one of the most important things parents can teach their children is generosity, with the message that they can make a positive difference in the world. As families look to put their values into action, remember that younger generations might have different approaches to philanthropy than their parents or grandparents. Nurturing charitable traditions across generations might seem challenging, but the rewards for families and for the organizations and causes they support make it well worth the effort.
A recent Kiplinger article outlined some of those rewards, saying “remaining open and curious to the perspectives of others can enhance a family’s unity, and do more good in the world, over time.” Giving across generations can take listening, and being open to different ideas, but as Kiplinger points out “families may benefit from learning about and supporting one another’s philanthropic aspirations.”
Importantly, families need not be affluent to set multigenerational giving plans in motion. The power of family giving is reflected in a report from Fidelity Charitable, which says “When it comes to parenting, charitable giving can act as a catalyst for instilling kindness, empathy, and the value of philanthropy in the next generation. When modeled by parents and inspired at a young age, these values can be a strong foundation for social success—and lay the groundwork for children to carry on the practice and build a legacy of giving.” Those lessons pay off. Fidelity found that charitable donors who learned about giving from their parents are 65 percent more likely to teach their own children to give.
As an organization dedicated to nurturing, mentoring and inspiring future generations, the IEEE Foundation firmly believes in the importance of involving family members in the philanthropic process. While each generation might have different charitable priorities, or preferred ways of giving, nurturing a tradition of family philanthropy and being an example of the power of giving back, are indeed, among the most meaningful things we can teach our children.
Want to learn more? Join us on Thursday, 24 October, at 1:00 p.m. ET/17:00 UTC for our webinar, Intergenerational Philanthropy: Engaging Families in the Discussion. We will dive into how families can collaborate across generations to support meaningful causes, and you’ll hear directly from our donors. The session will provide valuable insights into navigating differing philanthropic priorities between generations, as younger family members often approach giving with new perspectives compared to their parents and grandparents.
Register here to join the conversation!
This article is intended to provide general gift planning information. Our organization is not qualified to provide specific legal, tax or investment advice, and this publication should not be looked to or relied upon as a source for such advice. Consult with your own legal and financial advisors before making any gift.