According to payment app Zelle’s September Consumer Payment Behaviors report, nearly 3 out of 4 millennials (those ages 25 to 34) have sent some kind of financial aid to family or friends or donated to a nonprofit since the COVID-19 pandemic began. That’s the highest rate among any of the generations polled. The report is based on a survey of 600-plus interviews a month of adults ages 18 to 72.
Gen Z (ages 18 to 24) had the second highest giving rate at 66 percent, followed by Gen X (ages 35 to 54) and baby boomers (ages 55 to 72). Overall, 64 percent of Americans say they have sent financial aid at least once since the start of the pandemic. According to an August report by Candid and the Center for Disaster Philanthropy, over $11.9 billion has been donated globally to COVID-19-related causes during the first half of 2020,
How can you maximize the impact of your dollars? Look into any potential matching programs you may have access to. Many large employers offer to match employee donations to nonprofits, and this is a quick way to multiply the impact of your donation, says Mike Hennessy, CFA, CFP®. Check your workplace intranet page or speak with HR to find out if your employer offers a program. “The one additional step would have a huge impact on the causes you hold dear,” says Hennessy, founder and CEO of financial advisory firm Harbor Crest Wealth Advisors in Fort Lauderdale, Florida.
Read the full CNBC Make It article, "Nearly 3 out of 4 millennials have donated money during the pandemic," here.
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