We use panel data on charitable donations to analyze how the philanthropic behavior of Millennials (born between 1981 and 1996) compares with that of earlier generations. On the basis of a multivariate analysis with a rich set of economic and demographic variables, we find that conditional on making a gift, one cannot reject the hypothesis that Millennials donate more than members of earlier generations. However, Millennials are somewhat less likely to make any donations at all than their generational predecessors. While our data do not allow us to explore causal mechanisms, our findings suggest a more nuanced view of the Millennials’ prosocial behavior than is depicted in popular accounts.

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