'The economic uncertainty of 2022 brought forth pause and reflection in some charitable giving activities.'
A smaller share of wealthy households donated money to charitable causes in 2022 amid rising economic uncertainty, according to a new report from Bank of America Corp. About 85% of affluent US households made charitable contributions in 2022, down from 88% in 2020, according to a biennial study by Bank of America and Indiana University’s Lilly Family School of Philanthropy. The decline follows a surge in giving in 2020, when the pandemic and social unrest fueled more donations.
The economic uncertainty of 2022 brought forth pause and reflection in some charitable giving activities,” Bank of America said in the report. More than 50% of wealthy households gave to causes supporting basic needs, while 39% gave to religious and spiritual services, according to the report. The data comes from a survey of affluent individuals with a net worth of $1 million or more, or an annual household income of $200 000 or more.
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