When it comes to volunteering and philanthropy, older generations are outpacing their younger counterparts, according to a recent survey from the Hartford Financial Services Group.
The study found that 53 percent of people aged 50 and older participate in volunteer work, compared to 45 percent for people aged 49 and younger.
In addition, 76 percent of the 50 and older generation provide monetary support to their favorite causes, in contrast to just over 60 percent of those aged 49 or younger.
The leading causes supported by this generation are ones focused on Alzheimer’s disease, social service, the environment and military support.
The survey also found that people who are members of AARP are more likely to be philanthropically active.
AARP members are almost twice as likely as non-members to provide monetary support to Alzheimer’s, cancer, heart disease, family and child services, education and environment conservation organizations – 14 percent of AARP members volunteer at least one day per week, compared to 7.5 percent of non-AARP members aged 50 or older.
The study also paints an impressive picture of philanthropic activity of the nation as a whole -approximately half of all consumers support causes through volunteer work and almost 70 percent do so through monetary donation.
In terms of volunteering, more than 11 percent of all Americans volunteer two to four days per month, while 10 percent volunteer one day per week.
Regarding monetary donations, the leading causes for the country as a whole were found to be health organizations with 38 percent of donations and social service organizations with 32 percent.
These survey results are in line with earlier studies suggesting that philanthropic activity tends to increase with age – a 2007 study from Experience Wave, for example, found that 59 percent of respondents planning their retirement expect to volunteer for a nonprofit or community organization.