Quiet Revolution: How Millennials Are Changing Giving
By Teresa Zolnierkiewicz, Head of Philanthropy Segment, ANZ Global Wealth
Millennials are challenging the “me-gen” label by blending their careers with their desire to give back to society. And they are leading a quiet revolution in giving. This is the generation that reinvented much of what we once took for granted, like how we watch television (Netflix), how we communicate and connect (Facebook), and even how we decorate our homes (Etsy) around the world. Aligning their employer values with their own seems to be a necessity, with a 2014 Deloitte survey finding 60 percent of Millennials—those born from the early 1980s to early 2000s—citing their company’s sense of purpose as a factor in job selection. Now they are revolutionizing how we give to others.
There are three trends in particular that demonstrate this giving revolution led by Millennials:
- They’re no longer waiting until old age—giving now is the new buzz;
- They aren’t contributing to charities—they are creating their own enterprises with a social benefit;
- They are driving social change through their employment choice, where they demand that the employer creates positive social impact.
And they’re doing this with limitless access to information, exposure to and understanding of global issues and the ability to tap into a virtual community of likeminded peers.
Combining trade with social purpose
Millennials are enormously creative, have high energy and a collective optimism to work on the big issues. There are many examples.
Mark Zuckerberg and Priscilla Chan: it’s a formidable partnership of Facebook co-founder plus pediatrician spouse that is setting the new benchmark for philanthropic activity—apply your wealth to drive change; build strong strategic relationships; and whatever you do, do not wait. The pair donated nearly $1 billion in Facebook stock into their own donor-advised fund with the Silicon Valley Community Foundation (SVCF).
Then there’s co-founder of Australian software company Atlassian, Scott Farquhar. In its early days Atlassian adopted the “1% Pledge”: diverting 1 percent of equity, 1 percent of product and 1 percent of (company) time to charitable causes, mainly directed to education in developing countries. Like Gates’ Giving Pledge for established wealth, the 1% Pledge is a movement gaining traction, particularly among start-ups, and unsurprisingly within the tech industry.
Millennials are also demonstrating you don’t need to be a billionaire to get started. Take the “Thankyou Group,” which began selling bottled water and directing 100 percent of its profits to life changing projects in developing countries. Co-founder and Managing Director Daniel Flynn started Thankyou six years ago as a 19-year-old university student after “discovering that 900 million people in our world didn’t have access to safe drinking water.” Today the company has provided more than 78,000 people with safe water, 67,000 with health and hygiene training and almost 7000 people with short-term food access and long-term food security. He observes, “it’s just the beginning,” having just launched muesli and body care lines.
How ANZ is supporting this revolution in giving
Because the way our customers engage with giving is changing, ANZ (Australia and New Zealand Banking Group Limited) is getting involved in new movements and exploring ways to use its own reach and influence for good.
ANZ supports Nexus, a global movement that brings next-gen philanthropists together with entrepreneurs to fire up passions and collaborate on projects. ANZ gave the 2015 Nexus Innovator of the Year Award to a group of young entrepreneurs working on the StartSomeGood Giving Circle. They are creating an app to establish “giving circles,” encouraging more collective giving by making it easier. Currently in development, the app will pool members’ funds, facilitate a virtual vote and transfer the money to the successful recipient.
Recently, ANZ purchased Shout[for Good]—a mobile giving platform that connects users with a range of giving options for a variety of local and international charities. Giving is linked to the cost of things we might do every day, like “shouting”—or buying—a friend a coffee. Shout[for Good] connects with youth by giving “right now.”
So how are Millennials changing giving? Totally, thoroughly and impressively. This quiet revolution is on, and it’s amplifying to a deafening boom.
About the author:
Teresa Zolnierkiewicz
Head of Philanthropy Segment
ANZ Global Wealth
Teresa Zolnierkiewicz is Head of Philanthropy Segment, ANZ Global Wealth. Teresa has over 12 years’ experience as a philanthropic adviser and runs a strategic advice service at ANZ Private to help clients develop giving plans. Teresa is also developing innovative digital solutions for customers in Australia and Asia that truly connect people with giving. ANZ is one of the world’s top 15 banks with over 47,000 people working in 33 geographies. ANZ Wealth provides insurance, investment, superannuation and private banking solutions to over two million customers Australia, New Zealand and Asia.
