Posted On: 2022-11-01 16:44:12
Fundraising is a way of gathering money through a large group of individuals or organisations. When a crowd raises funds for a particular cause (social or personal) it is called crowdfunding. In India, crowdfunding recently gained momentum and is widely used for medical emergencies, funding a start-up business, and educational support. There are a number of crowdfunding platforms that allow online crowdfunding on their websites. A genuine and detailed story of the cause, good quality pictures and videos to support the story, and apt social media promotions can assure the success of the fundraiser.
Millennials today are coming up with new ideas for managing finances and different ways to fund their dream projects. Surprisingly, millennials are also the ones more into philanthropy than generations Y and X. A study revealed that India leads both the USA and China in terms of the number of people who give their time and money to charitable causes. Everyday donation in India is at least twice as large as it's in China, coming in at INR 34,242 crores. Multiple factors affect this behaviour of the millennials; it can be the way of thinking, the new jobs that they opt for, the digital era, the abundance of data, research, and development in many sectors of society.
Millennials are a generous generation, and they believe in giving in their donations directly to the beneficiary. This is why crowdfunding can be a better option for them to practice charity. Either by initiating a fundraiser or donating to one for a social cause, Crowdfunding and Millennials go hand in hand.
Why do Crowdfunding and Millenials Go Hand in Hand?
There are enough statistics to demonstrate the millennial generation's strong propensity for philanthropy and charity, as well as the patterns of their charitable giving.
The unemployment rate is one of the most important challenges facing millennials today. Hence, they have lower disposable income at hand. This explains why millennials choose to give lesser amounts of money but for several causes. Millennials empathise more with others who are facing medical emergencies.
They understand the Indian healthcare system because of the vast information and data available that paying hefty medical bills can be overwhelming and difficult to gather the sum of money. Besides, various tax benefits on donations give some exemptions to the donor while paying taxes. Because millennials also believe in a win-win situation!
Another power- Social Media is millennials' forte. They know how to put social media to good use. Instagram, Facebook, Twitter, LinkedIn, YouTube, Pinterest, and Medium, are all the major social media platforms that they use every single day. Some of them make careers with these platforms, ON THESE PLATFORMS!
The fundraisers with pictures and videos attached to the crowdfunding platform are shared on social media platforms. Just one click and you can get the entire information and the need of the cause the funds are being raised for.
Donating money to social causes has never been easy before. These social media platforms also direct you to authentic links through which you can donate funds online. You can check the authenticity of the links by the information of beneficiaries provided by the crowdfunding platform. Millennials are thought to be impulsive by nature, especially when making judgments about how much money to spend. They have a strong sense of individuality, so if they see something they like, they will buy it. So is the case with charity. If they relate to the cause, they will donate. Millennials have brought new opportunities into the world of charity. Since they are the future of philanthropy, charities today should make an effort to engage them successfully in order to tap into their habit of giving.
Filaantro is one such online crowdfunding platform that is apt for those millennials who believe in charity and helping society. With its easy-to-use interface and many online payment gateways, it's easy to raise funds on the platform or donate to the fundraisers on it. You can also avail of tax exemptions for campaigns under 80G in case the campaigner has the certificate registration. For those campaigners raising funds the first time, Filaantro provides an option of campaign mentorship and consultancy that can widen the reach of the cause.
Visit filaantro.org to know more.
Author: Anjali Patel
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