The majority of philanthropic donations will soon come from Millennial and Gen Z donors due to an impending $30 trillion generational wealth transfer. Nonprofits must use innovative approaches to engage donors if they are to successfully raise money from younger audiences.
Without having to fully rework your team’s overall strategy, try these 5 ideas and approaches to help your nonprofit attract, engage, and win over Millennial and Gen Z supporters.
Who Is Considered a Younger Donor?
For every institution, being young or old is relative. In the end, your organization should assess which groups require more focus from your fundraising staff because it is the one that truly understands its needs.
However, when considering the business as a whole, young donors typically refer to people who are younger than the current average donor age of 65. Millennials and Gen Z, the two newest giver generations, will be the subject of this article.
Millennials
Though 84% of Millennials give to charities, they have shown to be a very generous generation despite their reputation as the “me” generation. This is especially true as they approach their prime earning years. Between 1981 and 1996, they were born. In the United States, they make up the largest generation. A quarter of respondents desire recognition for their charitable contributions. For information collection, they rely on social media and internet. Greater dedication to volunteer work than youth in the previous generation
Generation Z
At the moment, the youngest generation contributing to philanthropic contributions is the Gen Z cohort. Gen Z is known for having an uncontrolled enthusiasm for change, as demonstrated by their giving habits and strong beliefs in having a personal impact on the topics they care about. They are said to be a touch more pragmatic than their more optimistic Millennial colleagues. Their birth years ranged from 1997 to 2012. Of these, 25% routinely volunteer their time. More than half would prefer not to spend money. They use the internet for up to ten hours every day. Thirty percent of people have already made financial donations to charity.
5 Suggestions for Bringing in and Including Younger Contributors in 2024
1.Update your webpage
The group least likely to donate to your nonprofit is Gen Z and Millennials. People are more likely to look up your cause on Google or click on a social media link, then skim it to make up their mind about whether or not to donate. It’s likely that they’ll be utilizing their smartphone.
Whether you like it or not, the way your website looks will affect that choice. A few contributors will be visiting the website to make sure your mission statement is prominently displayed and that it is current. A website that isn’t designed for mobile users can turn off others.
Take some time to evaluate your website before the year-end fundraising season to make sure that your homepage facilitates easy navigation through the site and that your donation page, at the very least, has a mobile-friendly user experience.
2.Give alternatives to monetary donations.
Time is the most precious resource you own, as they say. Seventy percent of Gen Z and millennial contributors said that donating their time is more important than donating money. It should go without saying that you should provide donors more ways to interact with your mission, but it can be difficult to put this into practice without the backing of your organization’s leadership.
Start modest: seek for volunteers to assist with your team’s live or online events, or assign your young volunteer to skill-based tasks such as creating social media captions or contacting former participants for references.
You might also take in-kind donations of items like clothing, books, and unopened toiletries, depending on your purpose. Alternatively, it could involve gifts in the form of stocks, DAFs, or crypto all of which are often far larger than online cash contributions.
3.Give a behind-the-scenes look at your company.
The most ardent of your donors probably wish to know how your organization operates from the inside out. There are many simple ways to accomplish this, and it can help deepen the bond between donors and your cause.
Your nonprofit might provide in-person events at your office or headquarters where donors can meet staff members and learn about their various duties, or it could arrange special webinars with your President or CEO followed by a Q&A session.
Does your leadership have a special desire to leave a positive impression on younger donors? Your board of directors should host a meet-and-greet for supporters. Alternatively, appoint a youthful envoy to hold an official position on your board.
4.Adopt a social activist stance
Corporate companies and even little mom-and-pop shops frequently discuss social issues in today’s world. This may create pressure on nonprofits with a mission to follow suit.
It’s quite acceptable if your nonprofit chooses to stay in its niche. However, your company might also wish to exploit its position as a thought leader on matters that are important to your mission and to offer commentary on current affairs.
Increasing the visibility of influential persons and spokespeople can assist your company in testing these kinds of messaging. Alternatively, you might survey your donors to learn more about the issues that are most important to them and which topics your nonprofit could raise more awareness of.
5.Place a focus on security
Gaining the trust of younger donors is crucial, particularly in the context of internet security. Generations that were raised in the digital age learned to be wary of malware, hackers, scams, and data breaches.
They naturally have high expectations for privacy and data protection as a result. Compared to their parents, millennials are especially less trusting of online banking. So what can your nonprofit do to demonstrate that security is a top priority?
To process donations from your donors, select reputable platforms, and be transparent about the kind of data you will be gathering and using. Give them clear instructions about the kind of communications they may expect when they sign up to receive emails. Offer opportunities for them to change their email preferences or unsubscribe. These are but a handful of the numerous methods you can employ to optimize your security measures and assuage contributors’ concerns.
