Affluent Americans cut back their charitable giving in 2022
The vast majority of wealthy U.S. households give generously to charitable organizations and causes—85% made contributions in 2022. But that percentage dropped 3% from a pandemic-related surge in charitable giving in 2020, amid market turbulence and rising interest rates, according to a new survey, the 2023 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households.
In addition, the average dollar amount of charitable donations fell 19% last year, from $43,195 in 2020 to $34,917 in 2022. Overall, the percentage of high-net-worth households who give to charity is 35% more than the percentage of households in the general population who give to charity every year.
Other findings of the survey:
- About 37% of affluent households volunteered their time and talents to charitable organizations and causes in 2022, up from the 30% who did so in 2020, when social distancing and other challenges kept many people from volunteering.
- More than one in five (22%) affluent households have a giving vehicle, and more than half (54%) of those with a net worth between $5 million and $20 million have or plan to establish one within the next three years.
- Affluent women are driving much of the philanthropy, with 85% of household charitable giving decisions made or influenced by a woman. Also, more affluent women (42%) than men (33%) volunteered in 2022.