Philanthropy is for everyone: Three tips for young adults
"Philanthropy" may sound like something reserved for wealthy, mature adults, but that's not the case. At Akron Community Foundation, we work with individuals of every generation, from young adults to retirees and everyone in between.
Young adults in particular are getting involved in the community in ways that look a little different from prior generations. Research shows that Generation Z and Millennials tend to be more focused on issues than specific charities. Not surprisingly, a tech-forward approach to all aspects of philanthropy is common among members of these generations, including engaging with favorite causes on social media and making donations online. What's more, a 2024 study indicates that for younger generations, volunteering and donating are strongly tied to civic participation.
If you're a parent or grandparent of young adults, or if you're a young adult yourself, here are three ways the community foundation can help.
Make it a family affair
Our Center for Family Philanthropy works with families to build charitable giving plans that include all generations to achieve their philanthropic priorities. We can also coordinate with your professional advisors to achieve your tax planning objectives. For example, a multi-generational philanthropy plan may include donor-advised funds, legacy plans that include IRA beneficiary designations to establish an endowment, and strategic use of Qualified Charitable Distributions for family members who are 70 ½ or older.
We recently did a Q&A with the Kleckner family to learn how they use The Center for Family Philanthropy. Click here to read about how they worked with the Director of the Center for Family Philanthropy, Karen Hrdlicka, to identify their values as a family.
Make the effort to start early
Many young professionals are establishing charitable giving practices early in their careers. For example, it's not uncommon now for new hires to name a charity, such as a fund at the community foundation, as the contingent beneficiary of an employer-sponsored retirement plan. In addition, starting in 2026, taxpayers who don't itemize deductions can still take a tax deduction for charitable gifts up to $1000 for single filers and $2000 for joint filers. This can be a great way for younger generations to support the causes they care about. Although the deduction only applies to cash gifts and does not include gifts to donor-advised funds, it's nonetheless a notable perk. Akron Community Foundation staff are happy to serve as a sounding board for ways to leverage this opportunity to make a difference.
Make new connections
The community foundation can help young people get connected with peers who share an interest in getting involved in the community. Whether you are volunteering with one of our seven affiliate funds or participating in the Institute for Emerging Philanthropists, there are plenty of opportunities for young adults to get connected through Akron Community Foundation. Attending our events is another great way to get connected with like-minded individuals!
As our community's champion and generator of enduring philanthropy, we are proud to support philanthropists of all ages. To learn more about the services available to fundholders through the Center for Family Philanthropy, contact Karen Hrdlicka.