A new Bank of America study reveals younger HNW donors use more giving vehicles and support twice as many causes as some older peers.
A generational shift is reshaping high-net-worth philanthropy in the United States with direct implications for how financial advisors engage clients on charitable planning.
New research from Bank of America Private Bank finds that Gen Z and millennial donors with $3 million or more in investable assets support an average of 12 charitable causes, compared with eight among wealthy donors overall.
They are also reaching for a broader toolkit: 47% use charitable trusts, 24% use family foundations, and 30% engage in fundraising - compared with just 5%, 2%, and 11% respectively among Boomer and Silent Generation donors. The study, conducted by Escalent on behalf of Bank of America Private Bank, surveyed 1,431 wealthy individuals between January 8 and February 5, 2026.
Despite their significant share of US wealth (around 26% per Federal Reserve Q2 2026 data, more than double that of millennials although half that of Boomers), the report does not provide complete comparisons for Gen X, although this cohort was included in the survey.
The report does show that 90% of Gen X donors supported basic necessities in 2025, matching the Gen Z and millennial rate and well ahead of the 83% recorded among Boomer and Silent donors.
Similar patterns emerge in health care or medical research (83% for Gen X vs. 90% for younger donors and 67% for older) and environmental preservation (65% vs. 84% and 47% respectively). On human rights or social justice causes, Gen X sits at 67%, between the younger cohort's 85% and the 43% recorded among Boomers and Silent Generation donors.
But the vehicle-level data - charitable trusts, family foundations, DAFs, fundraising, mentorship –is presented only as a comparison between Gen Z and millennial donors and Boomer and Silent Generation donors.
"Philanthropy is becoming increasingly multigenerational," said Jennifer Chandler, head of philanthropic solutions at Bank of America Private Bank. "Younger donors want to honor the charitable traditions that shaped them, but they also want to define their own impact. The opportunity for families is to engage the next generation early, creating a shared vision for giving while allowing room for new priorities and approaches."
Giving remains nearly universal - but impact measurement lags
Overall participation in charitable giving among the wealthy remains high. According to the Bank of America study, 89% of wealthy Americans contributed to a charitable cause in 2025, led by basic needs (86%), health care (72%), and disaster relief (68%).
Advisors looking to deepen client relationships through philanthropic conversations will find fertile ground - 87% of donors say they give because they believe they can make a difference, while 83% cite personal values or beliefs.
Despite that sense of purpose, one in four philanthropists say they do not measure the impact of their giving at all, a figure that climbs to 31% among Boomer and Silent Generation donors. The finding underscores an opening for advisors to add value not just through structured vehicles but through impact-assessment frameworks that go beyond the checkbook.
The study found that 49% of wealthy donors volunteered their time in 2025, up from 42% in 2023 - a behavioral shift advisors servicing the next generation of clients should be tracking closely.
Research from the Philanthropic Initiative's 2026 Study of the Philanthropic Conversation found that 75% of high-net-worth clients say they would be more likely to select an advisor who is knowledgeable about philanthropy, up from just 40% in 2018.
Donor-advised funds: high satisfaction, low awareness
One of the clearest opportunities in the data involves donor-advised funds. Fewer than one in 10 wealthy individuals currently uses a DAF; but among those who do, 98% cite the ability to invest assets for tax-free growth, 96% cite maximizing tax benefits, and 94% say DAFs simplify charitable giving.
Adoption is approximately twice as high among Gen Z and millennial donors, and 75% of current DAF users say they are likely to increase contributions over the next three years.
However, the awareness gap remains the primary constraint on broader adoption: only 14% of non-users strongly agree they understand how donor-advised funds work. That knowledge gap is squarely within an advisor's ability to close.
The succession gap is a planning opportunity
The Bank of America Private Bank study's intergenerational findings present both a warning and an advisory opening. While nearly three-quarters (73%) of wealthy individuals say they discuss philanthropic values with their children - up significantly from the 40% who recall having those conversations with their own parents - confidence in philanthropic succession is falling.
Only 65% believe their children share the same commitment to giving, down from 76% in 2024. Fewer than half (47%) believe the next generation is prepared to take on family philanthropic causes, a drop from 55% in 2024. The alignment between generations on both causes and approach is also narrowing: 59% say they and their children take essentially the same approach to their philanthropic goals, compared with 70% in 2024.
Younger donors are significantly less likely to give through direct cash contributions (56% vs. 92% of Boomer and Silent Generation donors), instead favoring structured vehicles that require greater planning sophistication.
More than half of respondents (55%) report that changes in government policy have influenced their charitable strategy, a signal that charitable planning and broader wealth planning are increasingly intertwined.
Structured vehicles are already capturing significantly larger dollars. Among family foundation donors, 19% gave $500,000 or more in 2025 - compared with just 2% of direct-giving donors. Charitable trust use climbed from 10% to 14% since 2023. The direction of travel is clear: high-net-worth philanthropy is becoming more sophisticated, more structured, and more advisor-dependent - for those prepared to meet clients where they are.
