As much as everyone would like to move on from the pandemic, there are many lessons that are worth holding on to. For instance, many companies and everyday individuals did their part to help bring happiness into the homes of others. People developed new hobbies and crafts to share with the world, while others have made an effort to simply give back to their community. Find out the compelling trends aiming to shape the future of charitable giving.
Charitable Giving Is Spreading Rapidly
With the money others were accumulating from stimulus checks and other avenues like freelance work, many families developed a deeper understanding of surviving during hard times. While everyone deposited checks, many people began paying things off immediately, and whatever money was leftover went toward a need rather than a want.
Between 2020 and now, families developed a better understanding and compassion for those in need, including their friends and family. Families started finding better ways to utilize leftover money, including donating it. Many sought the opportunity to give back what they could to their communities and others.
As many still give back, their views on donating remain the same as they did in difficult times. Direct donations of clothes and items are ongoing, and many people make an effort to shop locally, creating a bigger return for small businesses that then give back in turn. If you’re feeling the giving spirit this year and for many more to come, consider contributing old items to a military veteran charity to help another in need.
Younger Generations Learn To Give Back
So many more generations are giving back, but the younger generation is creating the largest impact among all demographics. Although there are many reasons the younger generation chooses to give back, including empathizing with others through social media, they also prioritize learning to give wisely.
Experts in the field have demonstrated knowledge of the best ways younger generations can utilize their finances to support their best philanthropic interests. While other trends influence the shape of charitable giving, younger age groups aim to follow better financial strategies and plan to incorporate charitable giving into the costs of daily life.
Giving Leads to Stronger Philanthropic Strategies
Thanks to the stimulus checks and other things that assisted in keeping households afloat, many families have sought better giving strategies. For example, more families took advantage of the charity tax credit during the pandemic, allowing them to itemize their donation’s value and snagging up to an extra $600.
Developing philanthropic strategies helped family units pave paths to finding ways to give back better. Spending power is vital, so securing a donor-advised plan is best since it allows you to send funds to a charity you care about.
There have been many ways to measure the shift in charitable giving in the last few years. No matter who you are, consider giving back to others and watch as your philanthropic approaches grow into real change.