Over the next 20 years, an estimated $84 trillion in assets will be transferred from one generation to another in the U.S. But what does the Great Wealth Transfer look like from a personal, biblical, and charitable perspective? Two emerging Next-Gen givers share their thoughts.
Still in their 20s, Parker Samelson and Molly Cipiti are Next-Gen descendants of generous families, each stepping into their own journeys of generosity.
Molly and her husband, Jonathan, have been married a year. Parker and his wife, Megan, have been married two and a half years. Both couples live in Colorado and give with the help of the NCF Rocky Mountains team. But they had never met until Molly hosted a retreat for KORE Venture, an organization that helps Next-Gen givers define their identity, purpose, and impact while also connecting with peers with similar stories and challenges.
While they quickly identified that their families had very different approaches to the generosity conversation, they discovered one important thing they had in common: They want to create community for Next Gens and empower them to come alive to their destinies and callings for the glory of God.
As Molly and Parker each work to wisely navigate their own giving journeys, here are four key insights we gained from them:
1. Voice versus vote
As part of a recent presentation to professional advisors, Parker conducted a poll of Next-Gen givers to understand more about his peers’ giving habits and identify any patterns.
The survey collected data about financial literacy, the degree of personal agency, how often the family discussed wealth and giving, how healthy the relationship with wealth was within a family, and how Next Gens were being advised on their investments and giving.
“When we specifically looked at how healthy Next-Gen relationships are with their family wealth, we learned that one of the most significant variables was personal agency,” Parker says.
“This leads to the voice-versus-vote conversation. The decision about how much personal agency an older generation wants to give to a Next Gen is one of the most consequential and risky,” he says.
Parker hosts a podcast called Ascendants, which shares stories about descendants of generous families who are ascending into their own identities and impact. He says several guests on his podcast are examples of success stories, in that they were given a lot of agency (a voice and a vote) and successfully stewarded much responsibility while honoring God and their family’s legacy.
But Parker also pointed out the Prodigal Son as an obvious biblical example of a Next Gen who was given too much personal agency. “It ended up doing him more harm than good,” Parker says. “And it almost ruined his family relationships.”
“Unfortunately, there is probably no one-size-fits-all approach to how much of a voice and/or vote to give the next generation. Each individual family needs to prayerfully consider that topic in the midst of wise counsel.”
2. Encouraging versus demanding
Molly says one important way parents can prepare children to step into their roles involves modeling generosity and using the right tools. When she was in her early teens, her parents set up a Giving Fund with NCF and matched whatever she gave by 10 times.
This was very different from the experiences of some of her teenage friends, whose parents required them to tithe from their earnings, with giving being a set rule and percentage rather than an experience – which didn’t lead to much joy.
Even though Molly was a teen and only had a modest amount saved from her summer jobs, her parents’ generosity and matching gifts actually made her want to be more generous with what little she had. “I gave more of my savings, and I was like – bam! – look how much it is times 10!” Molly says.
“My parents’ generosity encouraged my generosity. And my Giving Fund was a way we did it together. My parents didn’t make generosity a requirement, but rather an empowering exercise and an encouraging experience.”
3. Sustainability versus giving fatigue
As Molly watched her parents give, she says she noticed a discouraging trend that she tries to avoid. “There’s a giving fatigue that happens when my parents are being approached in the same ways and being asked for the same thing,” Molly says. “The charities aren’t really switching it up. And there hasn’t been any invention or ingenuity for last 20 to 30 years.”
That’s why Molly leans toward project-based giving tactics. She believes nonprofits will need to shift to doing more special programs and responding to crises to attract younger givers.
“I really want to make an impact and effect change,” Molly says. “And sometimes I feel like the best way to do that is to give and go where the greatest need is.”
Parker adds that impact investing is also a key trend for him and his peers. In fact, he and his friends were all approached for donations by the same person. And they all had the same thought: This could be an opportunity for an impact investment. This illustrates an important shift in Next-Gen thinking.
“But not every mission opportunity is a good fit to be an impact investment,” Parker says. “Many givers, including Next Gens, are wondering why more organizations couldn’t be run as sustainable impact businesses, making them eligible for impact investments from donor-advised funds,” he says.
“Many Next-Gen givers would rather participate as investors in missional businesses that can sustain themselves and impact the lives of their employees.”
4. Community versus isolation
Molly says that community has been important to her growth as a giver. “I didn’t grow up around people who had the same experience, wealth-wise, as I did.” Molly says. “I felt very isolated.”
It wasn’t until her mid-20s that she discovered KORE Venture. “I found other peers like me,” Molly says. “And even though we all have different stories and approaches, it felt like a safe place to share experiences, concerns, and generosity questions.”
And through Molly’s discovery of KORE Venture, her parents have been able to connect with the parents of peers in her community. So, they’ve found a like-minded and values-based community, too.
“I think the older generation doesn’t know how to approach community because family wealth is traditionally a very private thing, as it should be,” Molly says. “However, there are opportunities in safe communities of like-minded believers to share in relationship with one another the joys and pains of stewardship without revealing details.”
“A safe, like-minded community has been one of the most beneficial things when it comes to helping me be a good steward.”
Parker and Molly have also both enjoyed being a part of Magnify, a group of Next-Gen friends who connect at conferences, on trips, and at local meetups around the country.
Parker says NCF has also played a role in his journey. “NCF has helped me plug in to the much wider world and ecosystem of generosity,” he says. “One of my favorite things about NCF is the way they pull in so many different groups from the donor perspective and the ministry perspective, like Generous Giving.”
He also likes how being connected to NCF has exposed him to ways that ministries are working together and solving problems in a synergistic way. “That’s been a big part of my faith and generosity journey,” he says.
No time to waste
Both Parker and Molly are hopeful about what the future holds for Next-Gen giving. And, if families can work to overcome one of the biggest hurdles – misunderstanding between generations – the Great Wealth Transfer will become the great treasure transfer for faithful families.
“Among my peers, I see more people who are ready to jump in and be good stewards,” Molly says. “I see my generation running after Jesus, and they don’t want the negative things. They want to see the true impact of the kingdom coming, because we know there’s no time to waste.”
Connect with your local NCF team to find resources for generous families.
