The year 2022 will be marked as the recovery year after the pandemic. It is expected that during this year, the innovative startups and social enterprises that were established during the last two years will get a major boost, allowing the growth of the number of young wealthy people. This will, in turn, also lead to the growth in philanthropy. To this end, let us look at the top philanthropic trends to watch out for in 2022.
Rise in the number of Young Philanthropists
2022 will see a rise in the number of young philanthropists in India. With the Kamath Brothers of Zerodha already joining the Young India Philanthropic Pledge, the trend has already seen its beginning. The campaign is popular among young entrepreneurs and 2022 will see more participation in the same.
The youth in the last 2 years have struggled to deal with the pandemic. They have seen the impact of their participation. As the economic recovery allows them access to more resources, they will not back off from being more charitable towards the society and environment.
Living the Philanthropy
Philanthropists are aligning their values and priorities to a broader view of how they can contribute and make a difference. For Generation X and Millennial donors in particular, this may include traditional philanthropy but also integrate social finance initiatives and responsible investing of assets, social enterprise platforms, ethical consumerism, volunteerism and activism. For business-owning families, it might extend to their environmental, social and corporate governance (ESG) and diversity, equity and inclusion (DEI) commitments and practices. With 40 per cent of business family next-gens moving into positions of control over the next few years, this shift from charitable giving to a charitable living will likely grow.
Focus on Inequality
New and established philanthropists are responding with greater purpose and urgency on the issue of inequality and the unequal impacts of climate change. There is widespread acknowledgement that large societal gaps based on race, gender, disability and economic status – as have been laid bare during the pandemic – are not good for any of us socially, economically or environmentally. Gen-X, Millennial, and Gen-Y donors are especially concerned about these issues.
Increase in Personal Philanthropy
Philanthropy will not stay limited to only the wealthy ones. As the incomes of the people stabilise and increase, so will their participation in giving back to society. The year will see a growth in personal philanthropy in form of increased participation in volunteering campaigns, fundraisers and crowdfunding.
