Why Don’t Affluent Baby Boomers Give More Money Away? (AlterNet)

[marmar]

Why Don’t Affluent Baby Boomers Give More Money Away?

By Anne Ellinger and Christopher Ellinger, AlterNet. Posted June 21, 2007.



People between 51 and 64 donate less than three-fourths of one percent of their investment assets, on average -- significantly less than those either younger or older than them.

Why don't affluent Baby Boomers give more money away?

We ask this question not to guilt-trip, as Boomer slang would put it, but because solving some urgent social problems hangs on the answer.

People between 51 and 64 donate less than three-fourths of one percent of their investment assets, on average -- significantly less than those either younger or older than them, according to New Tithing's analysis of 2003 IRS data.

These numbers gall us because we're Baby Boomers ourselves. We'd like to believe that as a generation, we are living up to our '60s ideals. How could we lag behind both the Gen-Xers and the WWII "Greatest Generation"?

But there's another reason to care besides petty generational rivalries. The popular perception of Baby Boomers as more socially active than other Americans is rooted in fact. According to the Pew Research Center, we volunteer more, join community groups more, and vote Democratic far more often than other age groups. So if we donate less money, it's mostly our own liberal and progressive causes that experience the shortfall.

According to the United Nations, it would take $50 billion more a year to provide everyone on earth with healthcare, nutrition, clean water, education and a clean environment. Baby Boomers with incomes between $200,000 and $1 million a year could donate that amount by giving just two percent more of their investment assets. Just two percent: We're not talking about simple living here!

When the Baby Boomer generation passes from this earth, what will our legacy be? Will we leave a world poisoned, hungry and war-torn? Or will we put the unprecedented wealth of our generation towards solving those crises before we die? .....(more)

The complete piece is at: http://www.alternet.org/story/54804/

[spinbaby]

1. Because they're insecure, that's why

All the boomers I know worry about medical expenses and retirement. Even if you're fairly well off, you know that one illness will leave you at the mercy of the insurance company and that you can't count on social security.

[BOSSHOG]

4. That is very true but

your last sentence can apply to anyone regardless of age. My wife and I (both boomers) give small amounts regularly to many charities (Alzheimers, DAV, Special Olympics, St Judes, New Orleans Mission and some others.) But I no longer give to the American Cancer Society. I gave them 20 bucks a month for 20 years as part of the combined federal campaign when I was in the navy (and not a boomer) and now I want to spread our money around a little bit. I think the story might be a tad misleading in suggesting that it is "baby boomers." I think the same savings patterns will occur when those now in their 30's break into the age group.

[annabanana]

2. Maybe scared that the rug is about to get pulled out from under them?

:shrug:

[kickysnana]

3. Elizabeth Dole n/t

[raccoon]

5. Maybe because they don't have medical insurance, and aren't yet

old enough for Medicare?

[bemildred]

6. More masturbation with statistics. nt

[michaelwb]

7. Oh, such BS

"People between 51 and 64 donate less than three-fourths of one percent of their investment assets, on average -- significantly less than those either younger or older than them, according to New Tithing's analysis of 2003 IRS data."

Boomers = people born in the years from 1948 - 1964.

In 2003 the OLDEST boomers would be around 55 and the youngest would be 39. So they should be looking at people who were from age 39 - 55 in 2003. Instead they look at ages 51 - 64.

Most of the people they are complaining about aren't Boomers!

[supernova]

8. Double duty

You're also looking at people in this age group who are not only sending kids to college or preparing to, but also might be taking care of elderly parents, the sol called sandwich generation.

There's only so much money to go around.

[katty]

9. yeah, taking care of parents&kids that can't find good jobs

for many, many years.