Thousands of benefactors can change money forever


What will happen to this strange millennium? It’s a feeling that many middle-aged people like me can be distracted at work when faced with the fact that some people born between 1981 and 1996 have different attitudes towards careers and hierarchies.

And ignorance – or irritation – are often reciprocal: Many millennia Get angry about the economic and environmental waste created by the old union as Jenner X (1965-80) or Boomers (1946-64).

In pointing the finger, however, a less noticeable aspect to think about is how generational differences are currently affecting money. The millennia show some subtly different attitudes towards money from their elders. This could have significant implications for future finances, although the system is currently in the hands of General X and Boomers.

The subject is highlighted in one Survey Loyalty, wealth director by Boston-based group often polls their clients about their philanthropy. This year, however, it conducted an extensive survey of 4,000 people who had donated at least $ 1,000 to a charity the previous year, and segregated answers by age.

48 percent of General X Cohart, as well as 35 percent of Boomers in this pool, defined them as “monstrous.” But a larger 74 percent of millennials have used the label. Yes really.

Less surprisingly, millennials are much more influenced by tech than their veterans. They often make public interest decisions due to social media publicity and use digital platforms for this. More importantly, millennials seek to mix human society with other financial, consumption, and career choices rather than treat it as a separate silo.

Therefore, ৮ 87 percent of the millennium I want to work for a company with corporate responsibilities. Seventy-five percent is purchased solely from responsible companies and 43 percent is involved in impact investing. It is much more than their elders; About 12 percent of boomers take part in investing in victims. “Charitable giving turns to charitable living,” said Pamela Norley, president of Fidelity Charitable, who described it as a “completely new mindset”.

One survey alone is not a trend. Fidel’s survey only covers people who are rich enough to make a grant, where the country’s lucky minority Four of the adults Not even $ 400 in savings.

But many other polls reflect a similar kind of mindset change. A 2019 Survey Morgan Stanley has shown that 95% of millennials support sustainable investments compared to 85% of all investors. A Study The alliance writes that it has decided to invest on the basis of a 644 per cent price increase over the millennium, compared to 42 per cent boomers. And a Report The U.S. Trust notes that 76 percent of millennials consider the impact on investment, but 29 percent of Boomers consider it – a pattern called “generational conflict” in one sense.

In some respects, this may seem strange. Thousands of generations see and feel the whole Very high level Economic insecurity than before, which was Encouraged by Covid-19. Classic economic theory may thus suggest that millennials will be more concerned than their parents in the pursuit of wealth maximization.

In fact, these findings are so contradictory that I suspect that some genres-jerseys and boomers হতে may be persuaded to give concessions to wealthy young people simply as a reflection of idealism – or guilt. After all, as Winston Churchill put it (although the source is unclear): “If a man is not socialist at the age of 20, he has no heart. If he is not conservative at the age of 40, he has no brain.”

And since millennia have only been a small fraction of American wealth – about 4.5 percent, According to the Federal Reserve – It may seem doubly tempting to ridicule.

But it could be a mistake. In the coming decades, many trillions of dollars will pass into generations as the elderly die. By calculating the accents these streams will cost t 30tn. Others make more nutrients – Ceruli analysts suggest t 68tn.

This could probably widen the gap between rich families who are rich for thousands of years and those who are not. Guilt can jump, including concerns about social reactions. But if the rich millennials maintain their current attitude, it could accelerate the transition to value-based investment. Companies are likely to accelerate the trend of using digital platforms to get better oversight and more transparency.

Conscious asset managers can understand these quantities. So why is the financial industry shaking up to expand its environmental, social and administrative products: Sustainability is an important marketing pitch if you want to target the future 30tn-Plus flow. Which, of course, made the video an overnight sensation.

However, here’s another thing to think about: This attitude change suggests that millennials have less tunnel vision when talking about “money”, “politics” and “social problems”. Instead, their economic sensitivities are interconnected, as they do not regard issues such as the environment as mere “externalities” of an economic model, as happened in the twentieth century. There is another reason for the misunderstanding of the generation. And, perhaps, a source of hope.

gillian.tett@ft.com



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *