Warren Buffett’s Son Peter Says Millenials to Blaze New Philanthropy Trail

Peter Buffett, when looking closely at how charities work, believes that millennials have much more to give.

“Younger people have the appetite and idealism and energy for it like nobody else [to] imagine new structures,” he said to policymic.com.

The musician Peter Buffett, best known as being the son of Warren Buffett, also mentions that Generation Yers may prefer to start with a cause that is personal to them.

“If I were 25 years old, I’d be first of all looking in my backyard,” he tells policymic. “This is sort of a different version of the ‘be the change you want to see in the world.’ If you really want to do it, do it at home. Then do it at the community, the state level, and the national level. It’ll grow out if it works.”

The 55-year-old Buffett has grown up as the child of one of the richest men in the world, and he has created his own identity in the nonprofit world. Based on information from the Financialist, Peter received $1 billion worth of Berkshire Hathaway stock back in 2006 as a gift from his father. He used it to open up the NoVo Foundation, which is an organization that is dedicated to empowering adolescent girls and putting an end to violence against women of any age.

Peter and his wife Jennifer run the foundation. He told the Financialist that what inspired him to go this route was a speech at the Clinton Global Initiative in 2005 that talked about the importance of educating girls.

Now he is looking to mobilize Generation Yers to challenge what he believes is the status quo.

In a recent stirring piece in the New York Times, he criticized what he looks at as “conscience laundering,” which is a term used to describe how the wealthy ease their guilt about having such large amounts of money by “sprinkling a little around as an act of charity.”

“There should be real risks taken,” Buffett mentions to policymic. “We should be out there spending some mad money to try things that no one else will try, with the expectation that some things will fail.”