As millennials – the first generation of true digital natives – reach adulthood, they are driving the future of charitable giving. The days of chucking your spare change in a physical collection tin or bucket are coming to an end, as more and more people are looking to donate online. It is not just donations that are changing, though; young people are expecting more from their banks than ever before.
Open Banking technology is the future
Open Banking technology is allowing for unprecedented connectivity between financial service providers and retailers. By allowing Regulated Providers to access information from your banking apps, you can:
• download products that will help you budget based on your personal spending habits
• find you the best deals on things like mortgages, credit cards and savings accounts, and
• see all of your financial products in one place.
As well as helping the next generation to manage their money, Open Banking can make sharing it even easier. Pledjar uses this technology to round up each of their transactions to the nearest pound, and allows them to donate their spare pennies with multiple charities, all within one easy-to-use app.
Connection over cause
Increased connectivity isn’t the only thing millennials are looking for when it comes to donating their spare change, however. Charities are seeing an increased interest in what exactly they do with the money they receive, and donors born around 2000 are less likely to donate to a charity just because they feel a sense of loyalty towards the organisation. The Pledjar app keeps users updated with the latest news from their chosen charities, making it easier than ever to see the impact you are making.
Social media as a force for good
Finally, today’s young adults have grown up in a world dominated by social media. Their online identities represent who they are, what they do and what they care about. It’s easy to judge social media as a narcissistic way to show off a lifestyle or social status, but millennials are using sites like Instagram, Twitter and Facebook for a more serious purpose. Just look at Greta Thunberg and the School Strike for Climate movement.
Charitable giving is the perfect example of this: young donors want to be able to share their donations online, but not because they want to show off how generous or wealthy they are. Rather, by letting others know about their own donation, they are spreading the word about a cause they are invested in, and encouraging their friends to support it too.
Young people are passionate about a plethora of good causes, and they’re marching, striking and donating all over the world to prove it. They want new ways to make a difference, which align with their needs, lifestyles and worldviews. Pledjar is making charitable giving easier for everyone, while also engaging millennials like no other platform.