Across the world, philanthropy is quickly catching on and has gone through a significant evolution in recent years. From individual philanthropists to companies that incorporate philanthropy into their budget, the concept of giving back is ever-changing. With this profound expansion around the world, it is important to get an understanding of what exactly has changed, as well as what has remained consistent.
What Does Philanthropy Look Like Right Now?
If you were to take a deeper look into philanthropy, you would find several changes in how the general public feels about giving back, which has, in turn, caused those shifts. Following a study on the public’s perception of philanthropy, they found that donors feel as if more social problems that need attention continue to emerge. While they want to help a wide range of causes, donors may find it difficult to support all of the causes that they care about.
How Does This Influence Their Giving?
Because of the increasing number of social problems and respective non-profit organizations, donors have naturally become more focused on where their donation is going. This begins with the organization and its overall reputation. To give you an idea, approximately 41 percent of participants disclosed that they switched the organizations that they support after learning of how donations are used.
While this serves as a major reason behind people’s giving behavior, it is not the only factor that is considered. Of the participants, 27% reported that they altered the way that they donate money. With technology making it easier than ever to donate online, more donors are finding value with the option to donate online.
One of the other major findings regarding philanthropy and giving revolves around the generation that the donor came from. Millennials have been instrumental in expanding the ways that donors can give back to the causes they care about, something that has helped donor giving remains stable. Additionally, millennials are 60% more likely to give back through numerous means, whether through an online portal or providing a physical donation at Goodwill. Overall, the study found that millennials use a much more custom approach to giving than baby boomers, likely in part due to advances in technology.