It is a Jewish obligation to set aside a portion of one's income for "tzedakah" (charity).

"Over the past 10 years, Jewish teenagers from 37 American communities have been personally inspired by Harold Grinspoon and his teen philanthropy programs to establish personal endowment funds using a portion of their b'nai mitzvah gift money."

The Grinspoon Foundation will offer $300,000 in grants in 2007 for local programs that aim to turn teens into philanthropists.

(Source: Jewish Advocate)