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Wealthy young philanthropists want to bridge gap between rich and poor, says report

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The next generation of wealthy young philanthropists want to use their money to bridge the gap between rich and poor, according to a global survey.

Nearly half (44 per cent) of wealthy under 30s pointed to the gap between rich and poor as the biggest problem facing society today – compared with fewer than a third (28 per cent) of the over 45s, according to the report by the Charities Aid Foundation (CAF), which promotes charitable giving and provides financial services and social finance to not-for-profit organisations.

Young philanthropists, under 30, in six nations said they want to get personally involved with the charitable causes they care about – with a third saying getting personally involved in a cause mattered to them, compared with 16 per cent of over 45s surveyed.

The Future Stars of Philanthropy report is based on a global survey by wealth consultancy Scorpio Partnerships, which surveyed 1,428 people, each with an average net worth of more than GBP1.5m in the UK, US, Australia, Canada, Singapore and Malaysia. It looked at money attitudes of those under 30 and those over 45.

It found that people born between 1980 and 1999 – known as the Y-Givers – were most interested in the gap between the rich and the poor and education causes. Whereas those over 45 – known as Generation X – preferred to give to causes supporting the older generation.
They were also keen to get involved in the social side of giving, with nearly two out of five (38 per cent) younger donors getting involved in giving circles where people collectively give to a specific cause.

A quarter (25 per cent) of under 30s rated climate change as the most important issue facing society –  compared with 20 per cent of the over 45s. 

A third (33 per cent) of under 30s say getting personally involved in a cause matters to them – compared with 16 per cent of the over 45s.

The research found that wealthy people under 30 gave USD10,196 (approx GBP6,409) on average in 2009-2010 – USD3,000 (approx GBP1,866) more than those over 45, who gave on average of USD7,382 (approx GBP4,640).

John Canady, director of philanthropy at the Charities Aid Foundation, says: "Many charities globally are facing a squeeze in income and pressure on their services in these tough times. Donations from the world’s wealthiest people are vital to ensure that charities can continue the work which supports some of the most vulnerable in society.

"Our report shows that there is a group of wealthy young professionals who want to roll up their sleeves, get involved and really make a profound difference to the causes they care about.

"We need to make sure that government and business leaders do all they can to encourage young entrepreneurs and professionals to get involved and back charities with finance and expertise."

In total, 5,795 people were surveyed for the three reports from the UK, the US, Canada, India, Australia, United Arab Emirates, Germany, Switzerland, Singapore, Malaysia and Hong Kong.

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