Young people get a bad rap for being addicted to their phones and their Instagram likes. But they’re surprisingly philanthropic, and an ancient philosopher might be able to explain why.
In his Nicomachean Ethics, Aristotle wrote, “To give away money is an easy matter and in any man’s power. But to decide to whom to give it, and how large, and when, and for what purpose and how, is neither in every man’s power nor an easy matter.”
Millennials, who have been mischaracterized as stingy, appear to agree.
According to a working paper published by the National Bureau of Economic Research, millennials are a little less likely to donate than previous generations, Generation X and Baby Boomers. But when millennials do donate, they give more.
Rather than blowing all of their cash on avocado toast, maybe young people are just pickier about where they send their money.
Jonathan Bauman, a 22-year-old from Florida, supports the hypothesis that millennials are fastidious when it comes to where they donate. He says he recently gave money through GiveWell, a nonprofit group that evaluates charities to make sure donations are used wisely.
“I’m pretty sold on, as a rule, only giving sizeably to effective charities,” Bauman said. “I think ensuring effectiveness is a key to loving well.”
Some millennials trust their donations to established names: St. Jude Children’s Research Hospital, Compassion International, or religious organizations. Others find a niche.
Websites such as GoFundMe and Patreon offer young people the opportunity to sponsor local causes or artists they follow. Last month, for example, three Louisiana churches gathered $2.1 million thanks to a viral crowdfunding campaign, which was more than enough funds to rebuild after an alleged arson.
So millennials aren’t Scrooges; they just care about where their money goes. But there may be another, more stereotypical reason why they’re not donating as often: financial instability.
Some millennials cite finally feeling like they are in a good financial position as a reason to donate. With student loan debt and high rent payments, maybe many of them feel like they can’t give yet — especially those on the tail end of the demographic.
Katie Dimmer, a 21-year-old from Michigan, says she plans to donate more when she graduates from college. For now, she volunteers at and donates to a domestic violence shelter. “I can’t make a huge difference,” she said, however, “I know what a few dollars means to a small nonprofit like Domestic Harmony.”
