Young, Progressive Vermonters Are Giving Away Inherited Money
Apr 02, 2025
Susanna Penfield knew her family was comfortable when she was growing up in Strafford — the same rural hometown as singer-songwriter Noah Kahan — but she didn't think of herself as wealthy. Her mom ran a small business and her childhood had all the trappings of a quintessential Vermont u
pbringing: a public school education, a rich sense of community and, of course, an appreciation for stick season. But when Penfield turned 23 in 2021, she found out she had inherited $1 million. An email from the family office of her late grandfather, a Boston real estate mogul, revealed that he had left trust funds for his 10 grandchildren. Penfield had just graduated from Colorado College with a degree in gender studies and was working on development and housing efforts in low-income communities at a national nonprofit. "It was super jarring," Penfield said. "I was very steeped in understanding systems of privilege, but I was on the side of advocating against them." Penfield decided she would give all the money away. Her mother pleaded with her to reconsider, arguing that Penfield would want the money later in life. Looking for guidance, Penfield discovered Resource Generation — a national nonprofit with a chapter in Burlington — that helps wealthy young people give away their money to progressive causes. Through mentoring and guided discussion groups, Penfield gained the skills, and the confidence, to make decisions about the money she had inherited. "I recognized that this money is not who I am. It's not my identity," Penfield said. "It's actually a tool that I can leverage towards the things I care about." As baby boomers grow older, retire and die, they're expected to pass on an estimated $84 trillion to their children and grandchildren — what's known as the "great wealth transfer." But there is a left-leaning contingent of young people who are morally opposed to their sudden surge in status and are refusing to participate in what some of them derisively describe as "wealth hoarding." Some, like Penfield, are turning to Resource Generation to help them navigate the emotional and logistical challenges of using their newfound wealth to benefit causes they believe in. "These young people have won the lottery at birth," said Chuck Collins, the Brattleboro-based author of the book The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions. He's also director of the Program on Inequality and the Common… ...read more read less