Decline in Charitable Giving
December 4, 2023
Americans gave almost $500 billion to charity in 2022 — a strong show of generosity but a 3.4% decline (10.5% adjusted for inflation) from record giving in 2021. This was only the fourth time in the last 40 years that charitable giving fell in current dollars. The stock market downturn, high inflation, and other economic uncertainties caused many households to cut back on giving. Even so, a wide range of charities benefited from generous donations. Here are the types of recipients, by percentage of total charitable contributions.
- 27% Religion
- 14% Human services
- 13% Education
- 11% Foundations
- 10% Health organizations
- 9% Public-society benefit organizations
- 6% International affairs
- 5% Arts, culture, and humanities
- 3% Environmental and animal organizations
- 2% Individuals*
*Primarily donations of medications from pharmaceutical company foundations
Source: Giving USA 2023
Valuing Your Trust
If you’re not already a valued client of Providence Wealth Advisors, we encourage you to learn more. To schedule a no cost, no obligation conversation, contact us to learn more at your convenience.