In 2022, 85.1 percent of affluent households gave to charity, down from 88.1 percent in 2020, a report from Bank of America Private Bank and the Indiana University Lilly Family School of Philanthropy finds.

Based on responses from 1,626 households with annual incomes of at least $200,000 or with total assets of at least $1 million (excluding primary residence), the 2023 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households (36 pages, PDF) found that while the average value of gifts, at $34,917, was 19 percent above pre-pandemic levels of $29,269 in 2017, it was down significantly from $43,195 in 2020. Of respondents who did not give in 2022, 44 percent said it was due to the need to take care of family, up from 27 percent in 2017.

When organized by percentage of total giving by subsector, religious/spiritual service, which has consistently received the largest share over time, received 39 percent, followed by higher education (24 percent) and basic needs (10 percent). Climate change remained a priority for millennials and Gen Z, who were twice as likely as older individuals to select climate change as one of the top three issues most important to them (26 percent vs. 13 percent).

The survey also found that while the rate of volunteering among affluent households has not yet returned to pre-2020 levels, it rose to 37 percent from 30 percent, with respondents highly motivated to respond to needs (64 percent) and based on the belief that their service makes a difference (57 percent). Respondents who volunteer were more likely to give to charity than those who don't (94 percent vs. 80 percent), and the median amount given by affluent volunteers was nearly four times that of non-volunteers. In addition, women were significantly more likely to volunteer than men in 2022 (42 percent vs. 33 percent), and the vast majority (85 percent) of household charitable giving decisions were made or influenced by women.

Overall, 22 percent of respondents indicated they used a structured giving vehicle such as a donor-advised fund, family foundation, or charitable remainder trust, to meet their philanthropic goals, and of those with a net worth of more than $5 million, 54 percent had a giving vehicle or planned to establish one within the next three years.

“Observers have questioned how economic shocks and uncertainty will affect philanthropy in America, even among affluent donors,” said Indiana University Lilly Family School of Philanthropy associate dean for research and international programs Una Osili. “This ongoing body of research serves as an important barometer of giving trends and provides insights into the extent to which giving behaviors may be returning to their pre-pandemic trends, or whether we are on a new path.”

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