Giving USA released its latest report on charitable giving in the US — and after a record high of $517 billion in 2021, 2022 saw Americans give $499 billion total.
That’s a decrease of 3.4% without adjusting for inflation, and 10.5% in inflation-adjusted terms — making it the largest slump in charitable giving the US has seen since the Great Recession.
What caused the decline? Factors include individuals having less to give. While cost of living rose nationwide — most rapidly in Oregon and Washington — disposable personal income fell over 6% in 2022 when adjusted for inflation, and the stock market saw its worst overall performance since 2008. Meanwhile, charitable gifts that were given were economically less valuable due to inflation’s steep rise.
Want to make an impact? Here’s how to support local causes that matter to you.
Consider a recurring gift. Instead of donating one large gift at the end of the year, set up monthly, recurring, incremental gifts to the charity you want to support. This can help maintain nonprofits’ cash flow and ability to forecast revenue.
Don’t forget gifts are tax deductible. Make it easy by making gifts on a credit card — many accounts will automatically pull a list of all your charitable donations from the past year.
Volunteer your time. Have less to spend? Head to that “Volunteer” section on a local group’s web page — we’re willing to bet there are plenty of opportunities to give your time.