Family Business Best Practices | Singapore | Familosophy

Philanthropy decision-makers in your family

To bridge generations and engage the next one, family philanthropy can be very effective. Parents and children have different attitudes toward giving, as evidenced by a recent survey by Key Private Bank.

Most parents don't even bring up the subject of philanthropy with their children, much less agree on a charity to support with their money. Eighty-two percent of advisors say that only a small percentage of their clients include the next generation in their charitable giving. Parents are 73% interested in faith-based causes, but children are only 3% interested. However, parents account for only 3% of ESG cases, while children account for 59% of ESG cases.

In the absence of communication, it is obvious that generations' interests will continue to diverge. Increased longevity means grandparents and great-grandparents will spend more time together. This will either lead to more harmony or more conflict.

Think of it like this: Who in your family decides how much money to donate to charity? Do younger family members have access to information and participate in the decision-making process?

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SOURCE: https://davidwerdiger.com/2021/09/philanthropy-decisions/