While Americans are beginning to spend a bit more as the economy improves, their charitable giving has yet to rebound, a new study says.
Fewer individuals are trimming their household budgets this year than last, but 37 percent are continuing to cut back on donations, and almost 25 percent have stopped contributing, says a new survey from Dunham+Company.
However, those who attend religious services regularly are more likely to continue giving this year.
“Most charities should expect contributions to remain relatively flat this year, which is not good news for the many nonprofits that are struggling,” Rick Dunham, president and CEO of Dunham+Company, says in a statement. “But religious charities should fare better than most as there are a greater number of these households indicating they are supporting charities as we begin this year compared to last year.”
Households earning less than $35,000 a year are more likely than average to reduce their giving this year, while those making $100,000 or more are less likely to cut giving.
The majority of families making between $75,000 and $100,000 say they plan to give more this year, the survey says.