Being charitable nowadays is pretty difficult to do because of the worsening global economic inflation. Because of this, many Americans and other people across the world are no longer donating like they used to.
Now, a survey conducted by WalletHub-a personal financial firm-revealed that almost 50% of Americans say that donating to charities could be affected by inflation, especially during holidays.
If you are among those who are starting to double-think when it comes to donating to the needy, here's what you need to know and what you can do.
How to Stay Charitable During Inflation
According to CNBC, the WalletHub survey revealed that 47% of Americans say that their charitable traits will be affected by inflation.
Sara Young, a certified financial planner and the Live and Give Financial founder, explained that economic factors, such as inflation, affecting people's charitable traits is no longer surprising.
"It certainly isn't surprising that all of the economic factors that have been going on are impacting not only families' baseline budgets, but that it's trickling over into their charitable giving as well," she said.
The WalletHub survey's findings were revealed after it was confirmed that in 2022, Americans gave the smallest percentage of their disposable income to charities in three decades.
If you are among the Americans who are no longer charitable or are deciding not to donate to needy people anymore, here are some donation tips to help you regain your charitable trait.
These tips can also help you become charitable again (or maintain your charitable characteristics) without breaking the bank:
- If you don't have extra money, you can volunteer in feeding programs and other similar activities.
- Always remember that no matter what amount you're going to donate, it is still a big deal for the needy.
- Instead of cash, why not donate clothes, shoes, toys, and other personal belongings that you are no longer using?
Why You Should Donate
Of course, the main reason for being charitable is to help those who are less fortunate than you. But, CAF (Charities Aid Foundation) said that donating can also give you personal gains.
Here are some of the benefits you can get when you donate to poor/needy people:
- Being charitable can improve your personal values.
- When you donate, you are also influencing others to be charitable.
- You can reintroduce your friends and family to the importance of generosity whenever you donate.
- Being charitable can give you a major mood-booster, allowing you to feel good all day.
These are just some of the personal benefits that being charitable offers. To see more, you can click this link.
