PACS news / March 20, 2024

5 Ways Philanthropy Can Build the Rising Generation’s Financial Skills

Author Abby Axelrod-Wunderman, Philanthropic Director, Family Office Services, Foundations and Endowment

The good of philanthropy can extend beyond serving your communities. It can build the business and financial acumen of your children and other family members.

Philanthropy offers lessons in money management and organization. It reinforces the value of work. It also enhances professional skills such as communication and accountability.

Exposure to philanthropic work at any age can build confidence, professional connections, and cultural awareness. Sharing the reasons for your philanthropy and your family values with your children also helps them understand the broader meaning and impact behind your giving.

“If you know what matters to you, you’ll have an easier time finding relevant organizations to support and you can be more transparent with grantees and your family members about your funding preferences,” said Micah McElroy, Assistant Director of Research at Effective Philanthropy Learning Initiative (EPLI) at Stanford University’s Center on Philanthropy And Civil Society. “You’ll also be more excited about giving when the promise is building a world that reflects what matters to you, not just managing taxes or checking-off an obligation”…