Charitable giving rises and closes in on 2007 record

Charitable giving rises and closes in on 2007 record
In 2013, U.S. adults donated $1,016 per capita, and some research suggests people want to give more.
JUN 18, 2014
Bills to pay and budgets to abide by didn't stop Americans from giving to charities last year. According to the Giving USA annual report, total charitable giving increased by 4.4% to $335.17 billion in 2013, including a rise of 4.2% in giving from individuals. The single largest influence on this increase was the additional $9.69 billion in gifts made by individuals over 2012. While the total number may not be as high as it was before the recession in 2007, when it reached $349.5 billion, contribution totals have increased by 12.3% since the recession ended in 2009. People primarily donate to charity “because they want to give back to their communities; they want to help others who are in need,” said Kim Laughton, president of Schwab Charitable. “And at a certain level, it's also a tax advantage.” In 2013, U.S. adults donated $1,016 per capita, while on average, U.S. household giving reached $2,974. In the last decade, total giving has increased by $34.6 billion in inflation-adjusted dollars. If it keeps up at this rate, the U.S. could see a return to its peak 2007 level of giving in one or two years. Some research suggests that people want to give even more, and in more coordinated ways, with help from financial advisers. In fact, a study by the company found that clients wanted more conversations with their financial advisers about philanthropy, aid Jim Coutre, a partner at The Philanthropic Initiative. While some financial advisers focus more on the technical aspects of charitable giving, clients want to talk about the bigger picture of giving back financially.

Latest News

Texas man says SEC and fund could make him pay twice
Texas man says SEC and fund could make him pay twice

A $141M judgment and a federal asset freeze collide over one shrinking pool

Osaic executives Kristy Britt and Greg Cornick to leave
Osaic executives Kristy Britt and Greg Cornick to leave

The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.

Estate planning becomes a client retention issue for financial advisors, survey finds
Estate planning becomes a client retention issue for financial advisors, survey finds

Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.

Candidly adds AI agents for Trump Accounts, workplace benefits
Candidly adds AI agents for Trump Accounts, workplace benefits

CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.

BMO adds three advisors in Dallas amid Y'all Street wealth boom
BMO adds three advisors in Dallas amid Y'all Street wealth boom

The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.