{"id":15768,"date":"2024-12-20T17:53:41","date_gmt":"2024-12-21T01:53:41","guid":{"rendered":"https:\/\/peartreecanada.com\/?post_type=perspectives&p=15768"},"modified":"2025-03-14T04:10:48","modified_gmt":"2025-03-14T11:10:48","slug":"cultivating-a-culture-of-giving-amid-the-1-trillion-wealth-transfer","status":"publish","type":"perspectives","link":"https:\/\/peartreecanada.com\/fr\/perspective\/cultivating-a-culture-of-giving-amid-the-1-trillion-wealth-transfer\/","title":{"rendered":"Cultivating a culture of giving amid the $1 trillion wealth transfer – on CanadianFamilyOffices.com"},"content":{"rendered":"\n

How high-net-worth families can help guide younger generations in philanthropy<\/em><\/strong><\/h2>\n\n\n\n

First published in the Canadian Family Offices<\/a><\/strong> on December 20, 2024.<\/p>\n\n\n\n

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\u201cSharing with young people a sense that something is achieving impact and creating hope is a critical component of getting new generations involved,\u00a0\u00bb says Jean-Marc Mangin, president and CEO of Philanthropic Foundations Canada. Photo: Adobe Stock<\/figcaption><\/figure>\n\n\n\n

The exact recipe for guiding the younger generations in philanthropy is frequently discussed among high-net-worth families across the country, as well as within the walls of multi- and single-family offices.  <\/p>\n\n\n\n

While this conversation is happening, Canada is experiencing a growing \u201ccharity gap,\u201d where the demand for charitable services is outpacing funding. Myriad studies and reports show charitable donations dropping over the last couple of decades. <\/p>\n\n\n\n

One trend that has remained consistent over the years is the diminishing engagement of younger Canadians in charitable giving and an increasing reliance on older donors. According to CanadaHelps\u2019 2024 Giving Report<\/em>, 39 per cent of individuals aged 18 to 24 reported making charitable donations. This percentage increases progressively with age, reaching a high of 80 per cent among Canadians aged 70 and older. In other words, seniors remain the most charitable demographic.  <\/p>\n\n\n\n

That high-net-worth households account for over 40 per cent of the total donation value underscores a crucial dynamic: Canada\u2019s charitable sector is heavily dependent on a small, aging segment of the population with considerable wealth. <\/p>\n\n\n\n

Ron Bernbaum, Founder and CEO, PearTree Canada, confirms that the majority of PearTree donor clients are a part of this demographic, but he points out that one reason the younger generation doesn\u2019t give as much is simply that they don\u2019t have as much to give. After all, prices are sky high across the board for many Canadians, especially housing, which tends to eat up a big chunk of younger families\u2019 budgets. That said, Bernbaum notes that PearTree is seeing a reassuring indicator that early achiever entrepreneurs and professionals are as generous as their parents and grandparents and are open to donating more in tax-efficient ways.  <\/p>\n\n\n\n

The great generational wealth transfer in Canada is under way\u2014with an estimated $1 trillion expected to pass from Baby Boomers to their Millennial and GenX offspring over the next few years. That presents a unique opportunity for the older generation of affluent families to guide second and third generations in charitable giving.  <\/p>\n\n\n\n

\u201cThat kind of mentorship around values is so important in cultivating the next generation of philanthropists and donors,\u201d says Ruth MacKenzie, president and CEO of the Canadian Association of Gift Planners (CAGP). She points to recent research at CAGP that suggests high-net-worth individuals are looking for deeper conversations around philanthropy. \u201cThe older generation of legacy donors wants to find ways to create more meaningful relationships with their children around philanthropy,\u201d she says. <\/p>\n\n\n\n

Among the most effective ways to create those relationships, says Jean-Marc Mangin, president and CEO of Philanthropic Foundations Canada, is to start early. \u201cThe sooner younger generations get involved, the better for a culture of giving to be firmly rooted.\u201d What\u2019s more, Mangin says, when children are exposed to their parents\u2019 passion for charitable work, they naturally absorb that enthusiasm. \u201cSharing with young people a sense that something is achieving impact and creating hope,\u201d he explains, \u201cis a critical component of getting new generations involved.\u201d <\/p>\n\n\n\n

\u201cGiving is learned behaviour,\u201d states Imagine Canada\u2019s 30 Years of Giving<\/em>. The report asserts that \u201cCanadians who participate in community-oriented activities when they are young or observe people they admire helping others are more likely to donate as adults.\u201d <\/p>\n\n\n\n

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\u201cWe hear from a lot of young people that the first time they were exposed to charitable giving is as adults being employed,\u201d says Bruce MacDonald, Imagine Canada\u2019s president and CEO. <\/p>\n<\/div><\/div>\n\n\n\n

<\/p>\n\n\n\n

Participating in community-based events is often how the older generation became involved in philanthropy in the first place, says Imagine Canada\u2019s president and CEO, Bruce MacDonald. \u201cFifty or more years ago, there were places in society that fostered conversations and action about your neighbour, your community and your church,\u201d says MacDonald.  <\/p>\n\n\n\n

With fewer young people engaging with traditional institutions such as places of worship or community centres, the responsibility to instill charitable values increasingly falls to families to nurture these ideals at home. Neglecting to do so could be a lost opportunity.  <\/p>\n\n\n\n

MacKenzie, Mangin and MacDonald agree that high-net-worth individuals can foster a legacy of philanthropy by encouraging their heirs to view charitable giving not just as an obligation, but as a meaningful part of their identities and values. Here are a few of their suggested strategies for cultivating a culture of giving: <\/p>\n\n\n\n

Ruth MacKenzie, president and CEO, Canadian Association of Gift Planners<\/strong> <\/p>\n\n\n\n

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Ruth MacKenzie, president and CEO, Canadian Association of Gift Planners, encourages legacy donors to learn more about newer generational values and patterns around giving.<\/p>\n<\/div><\/div>\n\n\n\n

<\/p>\n\n\n\n

\u201cThe younger generation often wants to be more involved; they want to see the impact of their donations and engage with charities differently from previous generations. The younger cohort has a greater level of trust in charities than some of their parents might have had, and they want to be part of a charity. They want to hear about the difference they\u2019re making.\u201d <\/p>\n\n\n\n

Bruce MacDonald, president and CEO, Imagine Canada<\/strong> <\/p>\n\n\n\n

MacDonald suggests high-net-worth families encourage their kids to attend recognition events. \u201cBring them in as a family, so that the younger generation\u2014whatever their age\u2014experience both the joy that\u2019s realized by giving and the impact it\u2019s having.\u201d <\/p>\n\n\n\n

Jean-Marc Mangin, president and CEO, Philanthropic Foundations Canada<\/strong> <\/p>\n\n\n\n

Mangin suggests families make room for the younger generation to explore different ways of approaching philanthropy.  <\/p>\n\n\n\n

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Jean-Marc Mangin, president and CEO of Philanthropic Foundations Canada, believes that the earlier younger generations get involved, the better for a culture of giving to be firmly rooted.<\/p>\n<\/div><\/div>\n\n\n\n

<\/p>\n\n\n\n

\u201cTo get collective buy-in, older generations must create space for younger generations to learn and even influence strategy. This way, second and third generations will understand how philanthropy is a critical component of the ties that bind us together as a society. While recognizing the value and the impact of what\u2019s been done in the past, the younger generation must be allowed to approach philanthropy differently.\u201d <\/p>\n\n\n\n

As best practices for creating a lasting culture of giving evolves, PearTree Canada continues to partner with philanthropists and charitable organizations to advance the conversation. PearTree\u2019s core value and mission is helping generous Canadians increase donations specifically through its flow-through share donation platform, which enables high-net-worth Canadians to donate in a tax-efficient way. More than 2,500 charities are supported annually via PearTree\u2019s platform, while simultaneously funding a half a billion dollars annually in northern job creation in Canada\u2019s mineral exploration sector. <\/p>\n\n\n\n

Yet the driving force at PearTree is a fundamental belief in the value of giving. That\u2019s why Bernbaum and his team sponsors events and initiatives working closely with Imagine Canada, Canadian Association of Gift Planners, Philanthropic Foundations Canada, and other charitable organizations to promote and protect philanthropy in Canada. <\/p>\n\n\n\n

Bernbaum views PearTree as an enabler for the sector. \u201cAnd we are keen to help people give money away,\u201d he adds, \u201cwhether it\u2019s through us or through other techniques.\u201d <\/p>\n\n\n\n

Disclaimer: This story was created by\u202fCanadian Family Offices\u2019 commercial content division on behalf of PearTree Canada, which is a\u202fmember and content provider of this publication.<\/em> <\/p>\n","protected":false},"featured_media":15769,"template":"","content_type":[55,54],"topic":[31,33],"class_list":["post-15768","perspectives","type-perspectives","status-publish","has-post-thumbnail","hentry","content_type-flow-through","content_type-philanthropy","topic-flow-through-shares","topic-philanthropy"],"acf":[],"yoast_head":"\nPearTree | Cultivating a culture of giving amid the $1 trillion wealth transfer - on CanadianFamilyOffices.com<\/title>\n<meta name=\"description\" content=\"How high-net-worth families can help guide younger generations in philanthropy First published in the Canadian Family Offices on December 20, 2024. 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