- Most Millennials, Gen Z have given through crowdfunding, social
media
- Almost half of Americans have boosted their giving through the
pandemic
- 85% say “philanthropy isn’t just for millionaires,” only 28%
actually think of themselves as philanthropists
Social media and digital tools have profoundly influenced so
much in our culture, including our charitable giving. According to
a recent study conducted by Versta Research on behalf of Wells
Fargo & Company, almost half of those surveyed, (46%), reported
they used newer ways of giving this year, using GoFundMe (35%),
social media donation buttons (19%), or giving directly to web
entertainers and information sites like Wikipedia (16%).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211216005142/en/
Modern giving trends amid the pandemic
infographic. (Graphic: Wells Fargo)
Millennials lead the way in new forms of giving, with nearly
three out of five (57%) having donated via newer channels, versus
49% of Gen X and 34% of Boomers. And regardless of age, a full 79%
of respondents said they appreciate these newer ways to give. At
times, the plethora of options to give and higher expectations to
be charitable adds pressure to Americans, with half (50%) admitting
they have a hard time saying no when somebody asks them to give.
This is especially true of younger Americans (62% of Gen Z, and 58%
of Millennials).
Giving Trends Influenced by the Pandemic
The effects of the pandemic can be seen in people’s level of
charitable giving, with 57% saying it has changed their giving
levels. Almost half (46%) say they are giving more because of the
pandemic, and 11% reported giving less. Two out of three Americans
(67%) sometimes feel like they do not give enough, and more so for
Millennials (74%) and Gen Z (76%).
“Almost everyone surveyed (95%) say that giving makes them feel
good, and the pandemic has accentuated opportunities to give,” said
Arne Boudewyn, head of family wealth and culture services at Wells
Fargo Bank within the Wealth & Investment Management division.
“In addition to reporting monetary gifts, it’s also heartening to
see nine out of 10 try to practice random acts of kindness.
Philanthropy isn’t always about money, but often is simply a
mindset.”
Investment and Insurance Products
are:
• Not Insured by the FDIC or Any
Federal Government Agency
• Not a Deposit or Other Obligation of,
or Guaranteed by, the Bank or Any Bank Affiliate
• Subject to Investment Risks,
Including Possible Loss of the Principal Amount Invested
About half of the younger generations want to donate their time
rather than money (52% of Gen Z and 48% of Millennials). Overall,
one in three Americans would rather donate their time instead of
money (64% vs 36).
Philanthropy: Not just for Millionaires
While many people have donated to individuals, groups, or
charities this year — with 59% donating an average of $1,300 in
2021 — most do not consider themselves to be a philanthropist.
Eighty-five percent of those surveyed believe philanthropy isn’t
just for millionaires, yet only 28% consider themselves to be
one.
The term “philanthropist” might have higher-dollar connotations
for people, but taking into account newer and smaller channels of
giving, like social media, checkout lines, and other channels
included in the survey, an estimated one in three Americans (30%)
report they are probably giving more than they think.
Planning your Giving
As with all things financial, making and sticking to a budget
can be just as challenging when it comes to giving. Just under
three in ten (29%) have planned intentions with their donations
each year, while 71% often give in the spur of the moment, or if
they feel “moved to give.” Only 14% have a yearly budget for
donations, and just 31% do any research on the causes they
support.
“Overall, these findings show a positive trend in community
support. But it’s important to understand as much as you can about
the charities you support, and it can be really helpful to plan out
a giving strategy — particularly if you are making these donations
as a family. Researching charities and planning a giving strategy
can be a great way to engage with younger members of the family and
help instill the value of generosity,” said Boudewyn. “With more
than 87% of respondents having grown up understanding the value of
generosity, those are clearly values passed on through the
generations. Whether you do so at the grocery store line, social
causes, or through a foundation, your support and work is
important.”
About the Survey
Versta Research conducted a national online survey of 811 U.S.
adults on behalf of Wells Fargo & Company. Sampling was
stratified by age, gender, race/ethnicity, income, education, and
region, and it was weighted to match current population estimates
from the United States Census Bureau. The survey was conducted
November 4–16, 2021 and results were provided to Wells Fargo &
Company on November 30, 2021. Assuming no sample bias, the maximum
margin of error for full-sample estimates is ±3%.
About Wells Fargo Wealth & Investment Management – October
14, 2021
Wells Fargo Wealth & Investment Management (WIM) is a
division within Wells Fargo & Company. WIM provides financial
products and services through various bank and brokerage affiliates
of Wells Fargo & Company and is one of the largest wealth
managers in the U.S., with nearly $2.1 trillion in client assets.
WIM serves clients through the following businesses: Wells Fargo
Private Bank serves high-net-worth and ultra-high-net-worth
individuals and families Wells Fargo Advisors provides advice and
guidance to help clients maximize all aspects of their financial
lives. Through Wells Fargo Private Bank, WIM is also a leading
provider of trust, investment, and fiduciary services, including
personal trust services and a number of specialized wealth services
designed to meet the diverse needs of high-net-worth clients.
Wells Fargo Private Bank provides products and services through
Wells Fargo Bank, N.A., Member FDIC, and its various affiliates and
subsidiaries. Wells Fargo Bank, N.A., is a bank affiliate of Wells
Fargo & Company.
Brokerage services are offered through Wells Fargo Advisors.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing
Services, LLC, and Wells Fargo Advisors Financial Network, LLC,
Members SIPC, separate registered broker-dealers and non-bank
affiliates of Wells Fargo & Company.
Wells Fargo Investment Institute, Inc. is a registered
investment adviser and wholly-owned subsidiary of Wells Fargo Bank,
N.A., a bank affiliate of Wells Fargo & Company.
Wells Fargo Bank, N.A. offers various advisory and fiduciary
products and services including discretionary portfolio management.
Wells Fargo affiliates, including Financial Advisors of Wells Fargo
Advisors, a separate non-bank affiliate, may be paid an ongoing or
one-time referral fee in relation to clients referred to the bank.
The bank is responsible for the day-to-day management of the
account and for providing investment advice, investment management
services and wealth management services to clients. The role of the
Financial Advisor with respect to the Bank products and services is
limited to referral and relationship management services. Some of
The Private Bank experiences may be available to clients of Wells
Fargo Advisors without a relationship with Wells Fargo Bank,
N.A.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment, and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
News Release Category: WF-ERS
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211216005142/en/
Media Vince Scanlon, 336-430-9786
vince.scanlon@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Jul 2023 to Jul 2024