Family Business Succession Planning I Dubai I Familosophy
The Social Well-Being of Rising Gen Philanthropy
In families, there are significant differences in attitudes toward philanthropy between generations. In contrast to past generations, who considered philanthropy as "providing money to non-profit organizations," the current generation of wealthy individuals has widened and reinterpreted the term, considering it to be "the activity of altering others' social well-being via generosity."
The younger generation is more engaged and committed in philanthropic initiatives than their predecessors, and they do so at a younger age than their elders. They are also motivated by the value propositions associated with sustainable and impact investments, and they frequently spearhead such projects through their own or family enterprises, among other things. A sense of uneasiness or outright guilt can be felt by those who have inherited fortune because of social judgments about their wealth, which can influence their charitable giving priorities.
With a family office, you may take a more comprehensive approach to your family's financial and personal affairs. This can result in more time spent with family or more time dedicated to humanitarian endeavors, both of which can help bring the family closer together.
Families that have survived for more than 100 years have a lot of characteristics in common. A shared dedication to the community, service, and generosity is near the top of that list of characteristics.
Consider the following: Who in your family is involved in philanthropic decisions, and how many generations are there? Do you have a philanthropic plan in place that establishes priorities and outlines the procedure for allocating resources? The answer to the question "why our family provides" is something that essential family stakeholders across several generations should know.
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