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Wealthy young – Numbers increasing

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A growing number of young, wealthy Americans are giving a significant percentage of their income and assets to charity, particularly to smaller, grass roots and activist groups, the Christian Science Monitor reported July 31.

“For anybody who is both wealthy and socially concerned, there is some contradiction in our lives,” Tracy Hewat, director of the nonprofit Resource Generation, told the Monitor. The North Cambridge, Mass.- based group is the nation’s first and only nonprofit organization specifically devoted to working with young progressives with wealth.

Hewat has edited a resource manual for her clients titled “Money Talks. So Can We.” About 2,000 copies of the manual have been distributed worldwide.

Young wealthy philanthropists are by no means a new phenomenon, Hewat says, emphasizing that some of the most respected foundations in the U.S. were started by young activists in the 1960s and 1970s.

The intergenerational transfer of wealth and the booming computer economy, however, has created an unusually big cohort of wealthy philanthropist young people, however.

Hewat herself received a large inheritance. She gives away a larger percentage of her income each year, but remains realistic about the results.

“Even if I gave all of my money away, it would not cure all the ills of the world,” she says. “But my hope is… that I can convince enough people to join me that [we] can have a significant impact, way beyond the money I can give – way beyond my own assets.”

For full story, go to the Christian Science Monitor.

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