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1 BofA Global Research, Gen Z: A new economic force, March 14, 2025.
2 Department of Labor, Changes in U.S. Labor Supply August 2024.
3 Source: U.S. Census Bureau; National Demographic Analysis Tables: 2010.
4 Cerulli Associates, "The Cerulli Report: U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2024," December 5, 2024.
5 BofA Institute, Gen Z: A new economic force, March 2025.
6 Bank of America: What Drives High-Net-Worth Individual’s Passion for Giving?, October 9, 2024.
7 IU Indianapolis ScholarWorks: The Next Generation of Philanthropy. January 2025.
Resources:
The 2025 Bank of America Study of Philanthropy: Charitable giving by Affluent Households. September 2025.
IU Indianapolis ScholarWorks: The Next Generation of Philanthropy, January 2025.
Bank of America 2025L What Drives High-Net-Worth Individual's Passion for Giving?, October 2024.
CNBC. Wealthy Millennials, Gen Z are redefining philanthropy, October 2024.
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