The head of a new philanthropic division at Australian multi family office EWM Group says next-gen donors are one of the most interesting developments in the sector.
The new division at the Queensland-based firm will be headed by Genevieve Fraser, who has a history of giving through her own family’s foundation.
Her main objective will be to provide philanthropic services that allow all generations of the family to be involved in charitable giving.
In an interview with the Financial Standard, the group said it was preparing for the transfer of approximately AUS$70 billion into the hands of the X and Y generations.
Fraser says philanthropy is growing rapidly in Australia.
“The most interesting development is the increase in what is called 'new-gen giver' – people between 20 to 40 years of age giving significant resources to the causes they care deeply about,” she said, adding that it was a good sign that the pools of funds for giving were set to increase over the coming decades.
EWM managing director Brad Scott said families had been taking advantage of tax incentives that encouraged philanthropic giving during their lifetime.
Scott said: "Research indicates the children of high net worth givers have inherited this 'giving gene' even if their interests and style of involvement varies from their parents."
EWM was established in 2005 by an Australian sporting personality and a small group of Queensland entrepreneurs.