If your nonprofit has primarily relied on baby boomers for its fundraising, it’s time to broaden your approach. While Boomers remain the largest donor demographic, younger generations are gaining ground fast. Generation (Gen) X, millennials, and Gen Z are already making an impact through their donations and activism.
It’s important to be proactive about engaging with the next generation(s) of donors so you can support the long-term future of your nonprofit and its cause. Here’s everything you need to know.
The Donor Landscape Is Changing
The youngest baby boomers will turn 65 by 2029. And by then, there will be just 61.3 million boomers left. On the other hand, there are over 65 million Gen Xers, 72 million millennials, and 69 million Gen Zers.
Take a look at your current donor base by scheduling a nonprofit audit and digging into your books to determine who your primary donors are. Examining your current donor base will help you future-proof your nonprofit and connect with younger generations of givers.
Looking Beyond Boomers: Donor Habits by Generation
Before you start targeting younger generations, it’s important to understand their willingness to give. Here’s a breakdown of the three generations you should be focusing on:
Gen X
Gen Xers shine in the volunteer space. They are also big supporters of peer-to-peer fundraising efforts. Over 60% of the generation is willing to work as peer-to-peer fundraisers.
Researchers have also found that Gen Xers are most likely to motivate their family members to join causes they care about. As such, Gen X is one of the most likely demographics to share your nonprofit’s social posts and attend fundraising events.
Millennials
Nearly three out of four millennials regularly donate to charity, giving $481 annually, on average. They are drawn to organizations and causes related to education, the environment, health, and children, and they are also committed to volunteering their time. In fact, 70% of millennials regularly volunteer, which demonstrates that they prefer to be hands-on in support of causes they care about.
Gen Z
Though it can be argued that Gen Zers are still coming into their own, they are already proving to be generous with their energy and time. A sizable 84% of Gen Zers support charities or nonprofit organizations in some way, stating that it is their belief in a charity’s mission that motivates them to get involved.
Gen Z is also prone to spontaneously engaging with organizations and causes. Your nonprofit can use that to its advantage by promoting events on social media and generating buzz about the cause you support. You need to get Gen Z excited about your efforts and show them that they can be part of something bigger than themselves.
How Your Nonprofit Can Connect With Up-and-Coming Donors
Building public trust is the key to connecting with younger (Gen Z and millennial) donors. If they believe in the cause you support and the values of your organization, they are more likely to contribute.
Additionally, it’s important to connect with these donors on their preferred channels. That means turning to social media to promote your cause and showcase your values. Identify the channels that are most popular among each donor group and create a strategy for garnering support for your nonprofit.
Need Help Revising Your Financial Strategy? Contact EWA
Ernst Wintter & Associates LLP offers auditing and consulting services for nonprofits. If you would like to schedule an audit or book a consultation with our team, contact us. We look forward to helping your nonprofit make an impact and drive positive change.
