New Study Contains Revealing Data on Giving by
High Net Worth Women, Millennials and Other Groups
The 2018 U.S. Trust Study of High Net Worth Philanthropy,
published today in partnership with the Indiana University Lilly
Family School of Philanthropy, finds that wealthy Americans
continue to be generous with their time and money, increasing the
amount they gave on average to charitable causes and organizations
in 2017, including giving in the wake of natural disasters. The
biennial study shows that 90 percent of high net worth (HNW)
households gave to charity last year, and 48 percent volunteered
time to nonprofit organizations and causes.
A deeper analysis of the HNW donor population uncovers important
differences in how women; millennials; lesbian, gay, bisexual,
transgender and queer (LGBTQ); and racial and ethnic groups give
and the causes and organizations they support. Women are at the
forefront of philanthropic engagement, and millennials are an
increasingly important cohort as they are the most diverse and soon
to be largest generation in the country.1
“Wealthy donors continue to be generous with their money and
time, increasing their support for a wide range of causes and
organizations. At U.S. Trust, we work with both nonprofits and
individuals to make the most of this generosity,” said Katy Knox,
president of U.S. Trust. “This year’s study found that donors have
increased confidence in nonprofits to solve societal and global
issues.”
“It’s important to note that wealthy donors include people from
diverse backgrounds and giving traditions. While the impact and
contribution of women, racial and ethnic groups, and the LGBTQ
community are gaining greater recognition and importance, these
groups have long been an important part of philanthropy and the
nonprofit community,” said Una Osili, Ph.D., professor of economics
and philanthropic studies and associate dean for research and
international programs at the Indiana University Lilly Family
School of Philanthropy.
The 2018 study is the seventh in a research series that began in
2006. The report identifies eight themes that shaped wealthy
donors’ giving in 2017. They include:
1. Charitable giving remains important to HNW households.
In 2017, average giving amounts rose by 15 percent to $29,269
compared to two years ago, while the percentage of households who
give remained high at 90 percent. One quarter of HNW donors gave to
disaster relief efforts, motivated by media coverage of the
devastation and lack of confidence in government relief
efforts.
2. Women are at the forefront of philanthropic engagement and
impact. Ninety-three percent of HNW women reported giving to
charity; 56 percent volunteer; 6 percent participate in impact
investing; and 23 percent serve on the board of a nonprofit
organization. One-quarter of HNW women donors support causes or
organizations aimed at benefitting women and girls, and said that
their number one motivation for this giving is their belief that it
is the most efficient way to solve societal problems.
3. Giving is being shaped by a diverse universe of
donors. Millennials are less likely to give (84 percent) than
older generations (90 percent), yet they are more likely to
participate in impact investing (16 percent). Among Hispanic
respondents, the volunteering rate was 60 percent, the highest
level found among any demographic.
4. Impact matters. When asked to rank seven types of
philanthropic activity which have the potential to have the
greatest impact, charitable giving and volunteering were ranked as
first and second on the list. Despite a strong belief that their
charitable giving can have a great impact, 54 percent of HNW donors
do not know if their giving has the impact they intended, pointing
to an opportunity for nonprofit organizations to communicate the
effect of their donors’ generosity more fully.
5. Those with a higher degree of knowledge about charitable
giving are more likely to have a giving strategy. HNW donors
who rate themselves expert (4 percent) or knowledgeable (52
percent) about charitable giving are far more likely to have a
giving strategy than those who rate themselves as novices.
6. Donors have high expectations of the organizations they
support. Wealthy donors desire that the organizations they
support demonstrate sound business and operational practices, spend
only a reasonable amount on general administrative and fundraising
expenses, and honor and protect their privacy.
7. A majority of wealthy donors plan to maintain giving
levels, despite recent tax law changes. The majority of wealthy
donors said that they expect to maintain (84 percent) or increase
(4 percent) the amount they give to charity in 2018 under the new
federal tax law. Just 17 percent of wealthy donors said they are
always motivated to give due to tax benefits. An additional 51
percent said that tax benefits sometimes motivate their giving.
8. Confidence in nonprofit organizations’ ability to address
social and global issues remains strong. HNW donors report
having the most confidence in nonprofit organizations (86 percent)
to solve societal or global problems. By comparison, confidence in
the federal government and the public sector has declined since
2015.
“Gifts from wealthy donors comprise an increasingly large share
of all U.S. charitable giving, and they play a significant role in
supporting the missions and impact of a wide range of causes and
organizations,” said Amir Pasic, Ph.D., the Eugene R. Tempel Dean
of the Indiana University Lilly Family School of Philanthropy.
“This new study shares insights that help us better understand the
ways in which these donors help nurture and sustain our
society.”
“The giving patterns and preferences revealed by this year’s
study point to an evolving philanthropic landscape driven by a
younger and diverse group of donors who are reshaping the future of
giving,” said Ann Limberg, head of Philanthropy and Family Office
Solutions, U.S. Trust. “Nonprofit organizations, and the wealth
advisors who serve them, will be rewarded for paying greater
attention to the distinct interests and needs of all donors, both
as individuals and through the values that motivate their
charitable giving goals and expectations.”
Results of this study are based on a survey of 1,646 U.S.
households with a net worth of $1 million or more (excluding the
value of their primary home) and/or an annual household income of
$200,000 or more. To view a detailed summary of key
findings and to access the full report,
visit www.ustrust.com/philanthropy.
1 Pew Research Center tabulations of U.S. Census Bureau
population projections released December 2014 and 2016 population
estimates, March 1,
2018http://www.pewresearch.org/fact-tank/2018/03/01/millennials-overtake-baby-boomers/
Indiana University Lilly Family School of PhilanthropyThe Lilly
Family School of Philanthropy at IUPUI is dedicated to improving
philanthropy to improve the world by training and empowering
students and professionals to be innovators and leaders who create
positive and lasting change. The school offers a comprehensive
approach to philanthropy through its academic, research and
international programs and through The Fund Raising School, Lake
Institute on Faith & Giving, the Mays Family Institute on
Diverse Philanthropy and the Women’s Philanthropy Institute. For
more information, visit https://philanthropy.iupui.edu/.
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