In a world where people often focus on their self-interests, giving to others has a special magic that can change people’s lives.
For years, charitable giving has been regarded as one of the best things we can do to make our world a better place. It represents our commitment to address societal challenges and uplift those in need.
Although much has changed how we give to charity, its fundamental importance remains the same. It still reminds us of our responsibility to another.
In this blog, we’ll explore 2023’s statistics for charitable giving and the different ways you can support your chosen charitable organization.
Charitable Statistics For 2023
Despite all the hardships that the nation has faced over the years, Americans were still able to find ways to give back to their community. Here’s a recap of the country’s charitable giving in the past few years:
In 2020, Americans donated $471.44 billion to charities.
In 2022, there was a 3.4% increase in corporate giving. Corporations nationwide gave a total of $21.08 billion in donations to charitable organizations.
During the same year, foundation giving increased to $105.21 billion.
Giving by bequest also increased by 2.3% in 2022.
64% of all donations given in 2022 come from individual charitable giving.
Individual And Family Philanthropy
Six out of ten American families give back to charity.
86% of affluent families in the country maintained or increased their charitable giving.
Adults are more likely to give to charity or go volunteering if their parents gave to charitable organizations.
As of writing, there are over 1.54 million charitable organizations nationwide.
Tax-exempt organizations gain revenue from program services, including government contracts and grants, contributions, gifts, and special event income.
Charitable organizations that focus on arts, culture, and humanities saw an increase of 8.7% in donations.
Charities that focus on the environment and animals recorded an increase of 7.2% in donations.
Religious groups continue to receive the largest share of all nationwide charitable donations.
Around 30% of adult Americans volunteered their time, talents, and energy to charities in 2019.
People spend an average of 52 hours volunteering yearly.
Fundraising, food collection and distribution, collecting and making clothes, and mentoring the youth are the top four activities volunteers do nationwide.
27.8% of American women volunteer more than men.
People aged between 35-44 and 45-54 are most likely to volunteer.
72% of volunteers in the country are involved with only one charitable organization, while 18.3% work with two charities.
In 2021, more than 1,285,801 donor-advised fund accounts were created.
The average size of a donor-advised fund account in 2021 was $182,842.
Donor-advised funds in 2021 held assets worth $234.06 billion.
$72.67 billion in annual contributions were given to donor-advised funds in 2021.
Factors That Influence Charitable Giving
There are plenty of factors that could affect a person’s charitable giving. However, a study from the University of Arkansas has shown that demographics and social connections are two of the most influential factors.
The research revealed that people with higher levels of social trust were more likely to volunteer and donate to charity. Furthermore, those who know people that gave to charity had a higher chance of giving themselves.
This means that if a person is trusting and they have loved ones who enjoy volunteering and donating to charity, they are more likely to make donations.
Give Back Today
Every act of generosity matters. Our contributions, no matter how small, have a ripple effect. It can change one person’s life and inspire others to give back to their local community.
Let’s embrace the power of giving and consider donating to a local charitable organization today. Together, we can make a lasting impact and make the world a better place for everyone.
DISCLAIMER: The above material has been prepared for informational purposes only, containing opinions of the provider, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.