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The next generation of strategic cultural philanthropy - impact, social justice and the opportunities for nextgen donors in the arts
The International Family Offices Journal
Vol. 5 - Iss. 2 pp. 38–45
Dec 2020
Melissa Cowley Wolf (United States), has been working with younger philanthropists and shares some fascinating trends she has been observing in her article, ?The next generation of strategic cultural philanthropy?. She explains that funding of the arts has been undergoing a profound shift, as several intersecting trends and events are changing both the landscape of philanthropy and wealth management. She has been concerned to see a reduction in traditional giving to the arts, reporting that of the many conversations she is part of, ?these conversations share the one particular and vital item: they all become conversations about relevance, and why the rising generations of high-net-worth individuals are not invested in the arts?. The author uses the findings of a number of studies to show that the motives of the younger philanthropists are different - they want to make a difference. This means there may be a change in the type of giving, but Melissa points them to new forms of giving, in line with their interests: The next gen has been telling us how they want to give, and the global events of 2020 can help accelerate the process of remaking the model. By partnering with the arts sector, the rising gen can lead conversations about how the arts can drive social justice to mitigate our biggest global problems, the very problems that this generation is dedicated to solving. They can be at the forefront of redefining arts funding for a new century.