Though Finances are Better, Giving Isn't... Except from Millennials.
A recent study by Dunham+Company reveals that 61% of Americans say their giving will remain the same as last year, and almost 25% will reduce their giving this coming year.
Overall, 35 percent of households and 51 percent of upper-income households ($100,000 or more a year) reported an improved personal financial situation—both double-digit jumps over previous years.
That's the bad news. Now the better. This study found that, among other key demographics, those aged 18-35 are actually giving more (by 20%!), while (unfortunately) those 55-64 are giving about 30% less—statistics that run against prevailing wisdom. (We don't want to take all the credit for this trend, but Kevin Miller's excellent article last year on "Raising Money From Millennials" couldn't have hurt.)
One more reason for optimism: people are not cutting their giving to balance their household budgets. The research reveals, " … fewer Americans said they will manage their household budgets by reducing or stopping their charitable giving. Those who say they will manage their household budgets by reducing their giving has dropped to an all-time low of 29 percent from a high of 38 percent in 2009, and similarly, those who say they will manage their household budgets by ceasing their charitable giving is at an all-time low of 20 percent from a high of 25 percent in 2013."
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