The Generation Game: Family offices in an ever-changing world
01 March 2022
Baby Boomers are often framed as having competing world views with younger Millennials and Generation Z. In the private wealth space, this is often perceived as a greater likelihood by the younger generation to prioritise environmental, social, and governance (ESG) and ethical concerns over a fiduciary duty to maximise income.
While younger generations being more ESG conscious may not be accurate in every instance, the likelihood of them being more financially irresponsible may also be more of a misconception.
Younger generations do tend to be more interested in environmental causes having been raised in a world keenly aware of climate change. Similarly, younger beneficiaries are also more interested in donating money with a level of oversight in a lifetime rather than purely being left in Wills.
HMRC data, analysed by the Beacon Collaborative, showed that individuals in the income bracket above £250,000 have increased their giving in recent years. In this category, total giving has gone up from £1.22 billion in 2015 to £1.98 billion in 2020 – an increase of 62 percent over five years.
Catherine Grum speaks to ePrivateClient on the full picture of generational differences in the private wealth sphere. Read the full article here (paywalled).