Childless People - The Most Generous Donors – Profile #2
Last month, I discussed business owners as one of the generous donor profiles I’ve seen in my career.
Here’s another one: Adults over 60 with no children, grandchildren, or living parents – especially single adults (widowed, divorced or never married) or couples together a long time.
I need to admit up front – this one is personal.
My husband and I have no offspring, and we are about to celebrate our 36th wedding anniversary. Our parents have all been deceased for more than 20 years. 95% of our charitable interests overlap, and we have made a charitable estate plan. A few years back, we were called “DINKs” (Double Income No Kids).
Even modest professional salaries, when accompanied by relatively good health and a middle-class lifestyle — at least over the past 30 years – can result in the accumulation of assets. And if retirement has been well-planned and financed, there’s often extra money.
I’m generalizing here.
Many childless people my age have had all kinds of financial challenges my husband and I haven’t had – like caring for ill parents or other relatives, forgoing their own income for years; needing to fill in for their relatives or friends as parents for a short or long time; mid-career layoff in their job with a difficult recovery; health issues of their own or of their spouse; or an accident that resulted in injury or liability. All kinds of things can happen that are not in our control.
OK, you ask, why might this donor profile be more generous than some others?
It starts with not having children or grandchildren.
It’s almost always a wonderful thing to have children, but people who don’t, have a lot more time to develop other interests. Our nurturing, caring instincts (and most people do have them) can be directed to efforts in our communities – volunteering and giving financially. And that’s how childless adults often get involved in philanthropy, sometimes at a fairly young age.
And they do tend to have more money available. I’m not sure how much it takes to support a child from cradle to age 17 these days, but it used to be $250,000. Add in college expenses and you are in the $500,000 to $1 million range. Plus, we know that many parents remain involved in supporting their children financially well into their 20s and 30s and even beyond.
Childless individuals or couples can pursue expensive hobbies, do a lot of redecorating or taking fancy trips on $250,000 – $1 million. But they may also have more extra money to give philanthropically.
And if they are not comfortable giving now, they may still be interested in giving through their estate.
Look at your donor lists. Look at your volunteer lists. When you come across people you know don’t have children, consider taking them out for coffee and posing this question, “Would you like to be more engaged with/ supportive of our organization? How could we help you do that?”
But don’t call me for coffee – I’m all booked up!