Rethinking Philanthropy for the Next Generation

Posted by Gabriella Samuels on 26th May 2026

At Bedrock, we work closely with multigenerational families and understand that each generation approaches wealth differently. Our philosophy, We all see wealth differently, reflects the belief that stewardship evolves as perspectives, responsibilities and opportunities change over time.

Inheriting the Future is a new Bedrock series exploring how the next generation is navigating that responsibility in an era of rapid technological and societal change. Written by Bedrock Advisory Board member Kydd Boyle, founder and CEO of Horizons and a member of a fifth-generation family business, the series offers a candid perspective shaped by his experience as an entrepreneur, investor, next-gen, and father.

In this essay, Kydd reflects on the growing disconnect between rising inherited wealth and the limited scale of philanthropic giving, arguing that while younger generations care deeply about impact, many delay meaningful action. He suggests the next generation must approach philanthropy with greater structure and long-term thinking, recognising that, like investing, the greatest impact comes from starting early and allowing giving to compound over time.

Essay #2: The Compounding Problem

We’ve raised over £1m for charity at Horizons without really trying. That’s the problem.

We are in the midst of the largest transfer of wealth in history. Around £5.5 trillion will pass between generations in the UK alone over the coming decades¹. And yet, despite this scale, giving remains a fraction of capacity. UK high-net-worth individuals donate just 0.4% of their wealth annually. If that moved to 1%, it would unlock close to £20bn each year².

Millennials talk about impact more than any generation before them. We grew up alongside ESG, the Sustainable Development Goals and the idea that capital could change the world. Around 85% of millennials already give to charity, and most volunteer their time³. This is not a generation that does not care. But giving has not kept pace with intent. In the UK, the number of people donating to charity has fallen from 69% to 55% over the past decade, costing the sector an estimated £12.4bn⁴ in lost contributions. In the US, the share of affluent households giving has dropped from 91% to 81% since 2015⁵. Wealth is growing. Generosity is narrowing.

“Millennials talk about impact more than any generation before them. We grew up alongside ESG, the Sustainable Development Goals and the idea that capital could change the world.”

What’s Broken

First, impact is not easy and much of it has not worked as expected.

In 2019, my family moved a meaningful portion of our assets into an impact mandate. We believed in it. We persuaded others who were less convinced. The intention was clear. The reality has been more complex. Performance has lagged, and the conviction that felt obvious at the outset is now being tested.

This is not a rejection of impact investing. The global market now exceeds $1.5 trillion⁶. It is a reminder that execution is hard. Trade-offs are real. Good intentions do not automatically translate into good outcomes.

Second, philanthropy is deeply personal, and that creates inefficiency.

Within Horizons, and within my own family, giving is often driven by relationships, events or who asked last. That can be powerful at an individual level, but it breaks down at scale. With over 170,000 registered charities in the UK alone⁷, there is too much overlap and not enough coordination.

Bluntly, parts of the third sector need to shrink. As AI drives consolidation across industries, it is hard to argue that the charity landscape should remain untouched.

A Generational Tension

Across Horizons, I consistently see individuals who want to do good but feel they must prove themselves first. There is a quiet belief that it is premature, even grandiose, to give away wealth created by a previous generation before you have built something of your own.

“Across Horizons, I consistently see individuals who want to do good but feel they must prove themselves first.”

So philanthropy gets deferred. As Jo Shropshire, philanthropic advisory expert at Benesys points out, the next decade will be defined by the great transfer of wealth and the rise of collective giving. Capital is moving. Coordination is not keeping up.

Among millennial philanthropists, two archetypes are emerging. The Legacy Builder inherits a foundation and modernises it. Hugh Grosvenor is a clear example. The Disrupter builds from scratch. Natasha Müller lost her father at seventeen, separated her assets from her family, and built her own path through impact investing and mental health advocacy.

Most sit somewhere in between. And many get stuck.

The Execution Gap

The failure is not intent. It is structure.

Giving often remains reactive rather than planned. It is driven by personal networks rather than evidence. It lacks clear goals, measurement and feedback loops. Philanthropy is often treated differently from investing, despite requiring the same discipline.

Why Compounding Matters

I have a personal reference point for what disciplined philanthropy looks like over time.

In 1963, my grandmother created the Francis C Scott Charitable Trust to honour her father. In its first year it distributed 15 grants totalling £6,000. Sixty years later, the Trust distributes over £1m annually to communities across Cumbria and North Lancashire, and in 2021 it began a programme of social investment alongside its grant-making⁸.

That is what compounding looks like. Not a single transformative act, but six decades of structured, patient, purposeful giving. One decision by one person, sustained across generations.

Most people waiting for the perfect moment to start giving are solving for the wrong variable. The returns are not in the size of the first cheque. They are in the years it has to work.

“Most people waiting for the perfect moment to start giving are solving for the wrong variable. The returns are not in the size of the first cheque. They are in the years it has to work.”

We are entering a period where AI has the potential to dramatically increase the efficiency of research, the targeting of interventions and the measurement of outcomes. Problems that previously felt intractable may become solvable at scale. This generation will not just allocate capital. For the first time, the tools exist to amplify it at the speed the problems demand.

Combined with the great transfer of wealth, the opportunity is unprecedented. But compounding only works if you start.

The question is whether we step into it.
 

More reflections to come soon.

To learn more about Bedrock’s multigenerational approach to stewardship and how we can help the next generation turn philanthropic intent into structured, long-term impact, please reach out to: info@bedrockgroup.com

Biography

Kydd Boyle is the Founder and CEO of Horizons, a global network of 150 millennial founders and investors representing over £200 billion in assets. Horizons exists to connect a rising generation of capital allocators and entrepreneurs by expanding each other’s horizons through curated gatherings and shared experiences. 

The community hosts in-person forums featuring leading investors, entrepreneurs, creatives and athletes. Past speakers have included Bill Gates, David Rubenstein, George Russell, David Cameron and Mira Murati. 

Kydd comes from a fifth-generation family business and sits on his family office’s board. He also serves on the advisory board of Bedrock Group. 

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References

1. The great wealth transfer: A financial shift, Brooks Macdonald, 2025 ↩︎
2. NPT UK, Charitable Giving Statistics: Philanthropy in the UK ↩︎
3. Bank of America Private Bank & Indiana University Lilly Family School of Philanthropy, 2023 Study of Philanthropy ↩︎
4. Charities Aid Foundation (CAF), UK Giving Report 2026 ↩︎
5. Bank of America Private Bank, 2025 Study of Philanthropy 2025 ↩︎
6. Global Impact Investing Network (GIIN), Sizing the Impact Investing Market 2024 ↩︎
7. Charity Commission for England and Wales, Register of Charities – Sector Overview 2026 ↩︎
8. Francis Scott Trust, Our History ↩︎