Giving Compass' Take:
- The 2023 Bank of America Study of Philanthropy helps inform the sector on the charitable giving behaviors and trends of affluent individual donors and households.
- How can this research help the philanthropic sector advance?
- Understand more about impact-driven philanthropy here.
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The 2023 Bank of America Study of Philanthropy examines the giving patterns, priorities, and attitudes of affluent U.S. households for the year 2022. This study is the ninth in a series of biennial studies researched and written by the Indiana University Lilly Family School of Philanthropy in partnership with Bank of America. All these studies provide valuable information about affluent giving across multiple dimensions that can be used by nonprofit governing boards and professionals, charitable advisors, donors, and others interested in philanthropy and the nonprofit sector.
To inform longitudinal tracking of affluent philanthropic activity, many areas analyzed in this study build on those examined in the previous studies in this series: giving patterns; perceptions; motivations; decision-making; strategies; values; traditions; volunteering; donors’ contributions to political candidates, campaigns, and committees; perspectives on ways to achieve social impact; and demographic dimensions. In addition, the current study presents new areas of research to gain a broader understanding of the giving patterns of America’s affluent households. Some of the newer research themes include a special section on organizational outreach to affluent households, donors’ contributions to affinity groups and racial justice issues, and affluent households’ conscious consumerism.
This study series has set the benchmark for research on the giving practices of affluent households. The 2023 Bank of America Study of Philanthropy is based on a nationally representative random sample of 1,623 wealthy U.S. households, including deeper analysis based on age, gender, sexual orientation, and ethnic identity. 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 qualified to participate in this year’s survey. Average income and wealth levels of the participants in the study exceeded these threshold levels; the average income and wealth levels of study respondents was approximately $523,472 (median = $350,00) and $31.0 million (median = $2.0 million), respectively.
Read the full article about charitable giving trends in affluent households by Una Osili, Chelsea Clark, Jon Bergdoll, and Adriene Davis Kalugyer at Lilly Family School of Philanthropy.
The plurality (47.1 percent) of wealthy donors in our sample think of themselves as novices concerning charitable giving, while 49.1 percent believe they are knowledgeable about the subject and 3.8 percent rate themselves as experts.