Why Wealthy Don't Give More to Charities: Study Jessica Prois - The Huffington Post
go to original March 15, 2013

Someone who works on Wall Street might give about one-third less of his money to charity than someone in a more modest income bracket, and a new study reveals why that's the case.

A new SEI survey found that wealthy Americans who make $200,000 or more give 2.8 percent of their income to charity. Compare that paltry figure to those who take home $50,000 to $75,000 per year. They give an average of 7.6 percent of their discretionary income to charity, according to a study in the Chronicle of Philanthropy.

Those surveyed in the SEI study said their giving is deterred by three factors: uncertainty around how long wealth will last, shaky markets and lack of passion for a specific cause.

Research from Blackbaud has highlighted personal connection as a primary motivator for giving in general, pointing out that people say they are most likely to donate if they identify with a cause, or are solicited by a friend, family member or organization specifically.

It may sound trite, but there are actual steps to take in discovering a cause and donating efficiently and passionately to it. Jeremy Haimans of Purpose.com said the process behind giving should be thoughtful.

Read the whole story at The Huffington Post

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