Boomers have money and still want to change the world. This simple “A” plus “B” equation means the “C” is a potential revenue source for your business – ramping up on boomer charitable-giving techniques. The Times Union in Albany, N.Y. reports that the baby boom generation’s big numbers could equal big money for nonprofits – but only if boomers include such groups in their wills.
In the Albany region alone, the paper reports, boomers will leave $98.8 billion to subsequent generations during the next 50 years, according to a report released by The Community Foundation for the Greater Capital Region, a nonprofit umbrella group.
And boomers, generally defined as those born between 1946 and 1964, will transfer as much as $40 trillion nationally during the time period, according to the Center on Wealth and Philanthropy at Boston College.
As we’ve said for sometime, that’s the biggest wealth transfer in American history.
“There’s always been wealth passed from one generation to another,” the paper quotes Paul Hohenberg, a retired professor of economics at Rensselaer Polytechnic Institute in Troy, as saying. “What makes this noteworthy is that it’s such a big number of people.”