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When it comes to philanthropy, millennials and Gen Z are outpacing baby boomers in a big way, according to a new report from Instituto Beja and Oxygen.
The report finds that 74% of millennials and Gen Z consider themselves philanthropists, compared to 35% of baby boomers.
"These younger generations do not think that you have to come from wealth to donate, and that donating money is the only way to be a philanthropist," the report's co-author says in a press release.
According to the report, millennials and Gen Z are "driven by their social conscience and desire for change."
For instance, 90% of them donate because of their alignment with a cause or a mission, rather than because of the organization itself.
They're also more vocal about causes and want to engage with nonprofits their way, and they're three times more likely to defend a nonprofit they support compared to Gen X and baby boomers.
In fact, the younger generations want to "carve their own path when it comes to giving," according to the report, with 86% of philanthropists between the ages of 18 and 35 wanting to do things differently from their predecessors, compared to 69% of men.
Women are more likely than men to want to do things differently, with 88 percent wanting to
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