As fundraisers, we often focus our legacy marketing efforts on the Baby Boomer generation, and rightly so — they’ve been a philanthropic powerhouse. However, it’s high time we broaden our horizons and adopt a multi-generational approach, especially as Generation X (those born between 1965 and 1980) steps into the spotlight. This cohort is not only poised to inherit substantial wealth from their Baby Boomer parents but is also carving out its own philanthropic identity.
The Great Wealth Transfer: A Gen X Perspective
The much-discussed Great Wealth Transfer is upon us, with estimates suggesting that Baby Boomers will pass down approximately $84 trillion to Gen X, Millennials, and Gen Z through 2045. This monumental shift in assets underscores the importance of engaging Gen X in legacy conversations now. Notably, Gen X is expected to receive a significant portion of this wealth, positioning them as pivotal players in the philanthropic landscape.
Gen X: The ‘Lost’ Generation Finds Its Philanthropic Voice
Often dubbed the “lost” or “sandwich” generation, Gen Xers have navigated a unique set of life experiences that shape their approach to giving:
- Technological Transition: Growing up alongside the digital revolution, Gen Xers are comfortable with both traditional and digital forms of communication.
- Financial Pragmatism: Witnessing economic fluctuations, including the 2008 financial crisis, has made them cautious and value-driven in their financial decisions.
- Family Dynamics: Balancing careers while caring for aging parents and supporting children, they understand the complexities of multi-generational responsibilities.
Engaging Gen X in Legacy Giving
To resonate with Gen X donors, consider the following strategies:
- Highlight Financial Stewardship: Emphasize how legacy gifts are managed and the tangible impacts they create. Transparency in financial reporting can build trust with this discerning group.
- Leverage Digital Platforms: Utilize online tools, webinars, and social media to share stories of impact and provide resources on legacy planning.
- Offer Personalized Engagement: Recognize their individual journeys and offer tailored opportunities to connect their personal values with your organization’s mission.
- Facilitate Family Discussions: Provide resources that encourage conversations about philanthropy within families, acknowledging their role in both giving and receiving during this wealth transfer.
The Imperative of a Multi-Generational Approach
Adopting a multi-generational strategy in legacy marketing isn’t just a trend—it’s a necessity. By understanding and addressing the unique characteristics of each generation, we can craft messages that resonate deeply, fostering enduring relationships and ensuring the sustainability of our missions.
In conclusion, as the philanthropic landscape evolves with the Great Wealth Transfer, let’s ensure we’re not just witnesses but active participants, engaging donors across generations to leave a lasting legacy.