There's good news and bad news concerning giving. The good news:
Americans gave a record amount to charity in 2007, topping $300 billion for the first time, despite mounting economic worries.
The bads news:
Still, there are indications that slowing growth is taking a toll on giving. The 3.9% increase in donations last year was far less than spikes of roughly 10% and 13% in 2004 and 2005, respectively. In addition, researchers revised 2006's giving increase downward to a meager 0.4% from 4.2%.
Americans donated $306.39 billion last year, according to the closely watched annual report from the Giving USA Foundation, a nonprofit educational organization in Glenview, Ill. After adjusting for inflation, donations rose only 1% from the roughly $295 billion donated in 2006.
The relative slowdown in giving is attributable to increasing economic uncertainty that pervaded much of the back-end of 2007. Economic woes intensified last summer amid high gasoline prices, real-estate market turmoil and a burgeoning credit crunch.
How about you? Did your giving go up or down last year?
I tend to give to organizations that need it the most at the time. For example the earthquake relief. I also like to give when I get to go to a fancy fundraiser, because the quickest way to my pockets is through my stomache. In the end, I have given more this year than the past 3 combined.
Posted by: john | June 23, 2008 at 03:28 PM
The amounts I give have, and most likely will continue to, increase year after year. This is because most of my giving is in the form of paying for education for very poor children who would otherwise not be able to get it. The amount is pretty much set each month until it increases or until I pay for another child. If it came down to needing to reduce my expenses for whatever reason, I would readily give up "luxuries" in my life so others could have basic food and education.
Posted by: Liz | June 23, 2008 at 05:05 PM
Given more, but probably not as much in proportion to my increase in income as I would like. I'm working on that.
Posted by: Sarah | June 23, 2008 at 05:24 PM
As our income increases, so does our giving. We're currently giving away 10%, and that percentage roughly stays the same.
Posted by: Peter | June 24, 2008 at 11:45 AM