Millennials tend to give to charitable causes in the spur of the moment and based on emotion more than baby boomers do, a new study has found.
Fidelity Charitable, the nonprofit arm of Fidelity Investments that runs its donor-advised fund program, found that 71 percent of millennial women give to charity based on the moment while less than half of baby boomer women do so. The study is based on responses from 3,254 people, including 1,706 women, who have donated to charities and claimed itemized charitable deductions on their 2015 tax returns. It had a margin of error of plus or minus 2 percent.
"Millennials are leading with their heart, but boomers are more satisfied with their giving," said Pam Norley, president of Fidelity Charitable. (See chart below.)