In the current political climate, it has been found that America’s richest 5% is donating more money. 97% of all wealthy Americans gave something in the past year. This is higher than previous years. Not only are more giving, 40% are actually giving more money. This comes at a time when the political climate is shifting.
“We are seeing more demand for more conversations around philanthropy and its impact,” said Beth Renner, national director of philanthropic services for Wells Fargo Private Bank. “People want to do good, but they want to do good better. Philanthropy is a values guardian. Individuals are motivated to give based on how they want their values to be reflected in the world around them.”
These types of donations are non-religious in origin. In fact, they relate directly to the political climate. Currently, left-leaning millionaires and billionaires are giving more. This is because Republicans control the Senate and White House. It’s clear they are ready for new leadership in the White House, so they’re giving more to Democratic candidates.
“If it were flipped, the giving may be flipped as well,” Renner said. There’s another reason more are donating. It has to do with the fact that most people have more disposable income. The new tax laws have something to do with it as well. The new laws increase the standard deduction. “We are in an economic period where people feel they have more disposable income to share with others,” said Renner.
Women Donating More than Men
Women appear to be donating more than men. That’s likely because they care a lot about women’s issues which have been coming to the forefront. “Women are making more of the charitable decisions in the household,” said Renner. Giving is very important to women and they seem to want their charity dollars to stretch further.
In point, they want to create change. They value more than men giving of their time and money to take care of the needs of others. Women find giving more of a moral obligation they have. This is determined by 75% of women, verses 60% of men, who say it’s important that they teach their children to donate to causes. 68% of women verses 51% of men say their kids should do work within the community.
“An individual’s level of philanthropic engagement is greatly influenced by their parents’ actions, and these findings reinforce that our past is present in our giving,” said Renner.
