Wealthy US Households Pulled Back on Charitable Giving in 2022
- BofA report says average charitable donation also dropped
- Rising economic uncertainty weighed on potential donors
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A smaller share of wealthy households donated money to charitable causes in 2022 amid rising economic uncertainty, according to a new report from Bank of America Corp.
About 85% of affluent US households made charitable contributions in 2022, down from 88% in 2020, according to a biennial study by Bank of America and Indiana University’s Lilly Family School of Philanthropy.