A new study reveals Americans’ relationship with charitable giving. While generosity is a core value for three-quarters of Americans, economic concerns have caused some to tighten their purse strings. Nevertheless, many Americans are open to advice for how they can prioritize philanthropy.
In a new national survey from Wells Fargo, 29% of Americans report that they have given less to charity this year compared to last and 51% feel they don’t have enough money to give to charity at all.
Even so, 67% of Americans reported giving something in the past year, with 54% saying they give to charity even though they don’t have a lot of extra money. The study found that economic concern is a significant factor in declined giving, with 52% of Americans reporting that their reduced giving is a direct result of the current economy.
Despite this dilemma, the study reveals that among the two in three Americans who made a charitable donation this year, 53% still report giving the same amount to charity as last year and another 19% report giving more. In fact, 60% of these Americans are so committed to their giving that they list charity as part of their budget and 24% will go as far as to defer their own financial needs in order to give.
Happiness Drives Giving
Driving factors of American giving are largely altruistic. The most common motivations cited are that it makes them happy, it aligns with their personal values, and because they have a personal connection to a cause. Comparatively, financial benefits have very little to do with it, with only 10% of Americans giving for tax deduction purposes.
Givers Want to Be Strategic
While 52% of Americans don’t get any advice about charitable giving, 57% want to be more strategic about it—a sentiment that could be amplified by the fact that almost half of Americans report being bombarded with donation requests. Philanthropic experts warn that not having a plan can lead to a “smear the peanut butter” approach, where you write checks and donate without thinking about how it aligns to what’s really important to you.
By: StatePoint (Edited by d-mars.com)
