Trending...
- Ameriprise Financial Relocates Brookfield, Wis., Branch Office
- AdvisorVault Partners With Compliant Workspace to Help FINRA Firms Achieve 17a-4 Compliance on Microsoft 365
- HGR Alcohol Detox Centers in San Diego Accepts Most Health Insurances
MERRILL, Wis.--(BUSINESS WIRE)--Even with the looming threat of rising inflation, a potential recession and corporate workforce reductions, Americans remain steadfast in charitable giving. In its new Risk Radar Report – Charitable Giving in America1, Church Mutual Insurance Company, S.I. (a stock insurer)2, an insurer of nonprofits, schools, camps and houses of worship, found more than half of Americans (53%) expect to maintain their 2022 charitable donations/giving behavior in the new year. Moreover, 10% expect to increase the amount they're giving to charity in 2023.
"Nonprofits, schools, camps and houses of worship rely on the selfless generosity of others to fulfill their missions," said Nicole Jolley, Church Mutual's assistant vice president – Nonprofit and Human Services. "Of the 71% we surveyed who currently donate to charity, 63% expect to maintain or increase their giving in 2023. That's encouraging news for purpose-driven organizations nationwide since a decrease in donations can put many organizations at risk.
Twenty-five percent of survey respondents plan to reduce their donations in 2023. Reasons cited include concerns about their ability to make routine payments (house, car, etc.), job stability and financial capacity to give to charitable causes.
Giving Trends by Generation
Risk Radar Report also uncovered several key expected giving trends by generation, including:
2023 Giving Expectations
"Given that older generations are often more established financially than younger generations, it makes sense that we see differences among charitable giving plans for 2023," said Jolley. "Moreover, it's encouraging that Generation Z (11%) and Millennials (15%) surpass Baby Boomers (7%) and Generation X in increasing their expected level of giving for the new year."
More on Wisconsin Eagle
In terms of earmarking their donations for certain types of organizations, Risk Radar found that Generation X is the most likely to donate to houses of worship; Generation Z to schools; Millennials to camps; and Baby Boomers to other nonprofits.
Charitable Givers Prefer Tried-and-True Donations Methods
Even with the proliferation of online and mobile/app-based giving methods, Risk Radar found that most charitable givers are sticking with tried-and-true methods. Seventy percent of those who donate do so via delivering cash or a check in person or through the mail. In fact, in-person cash and checks are the preferred donation method even for tech-savvy Generation Z.
Donation Methods by Generation
Said Jolley, "Many nonprofits, schools and houses of worship have been operating under the assumption that donations have been increasingly moving to online and mobile platforms. However, the data shows that's not the case. Organizations need to remain flexible in how they solicit and accept donations to maximize their fundraising potential."
Fundraising Tips
Even with the majority of Americans maintaining or increasing their charitable giving in 2023, Church Mutual has three key tips for nonprofits, schools, camps and houses of worship looking to increase donations in the new year:
As always, when working with donations it's increasingly important to continue protecting organizations from theft. Donors should always know the authorized methods of giving so they're not caught by a scam attempt while organizations themselves should keep up to date on theft and cybersecurity trends and have measures in place to prevent unauthorized access.
Additional theft and cybersecurity safety resources can be found at:
More on Wisconsin Eagle
https://blog.churchmutual.com/guard-your-property-against-vandalism-theft
https://www.churchmutual.com/13474/Cybersecurity.
About Risk Radar Report
Charitable Giving in America is the latest in Church Mutual's Risk Radar initiative that uses proprietary, primary research to gather key, forward-looking insights for nonprofits, schools, camps and houses of worship, helping them maximize opportunities and minimize risk. Risk Radar Report – Charitable Giving in America surveyed 865 Americans (18+).
About Church Mutual
Church Mutual Insurance Company, S.I., founded in 1897, offers specialized insurance for religious organizations of all denominations, public and private K-12 schools, colleges and universities, senior living facilities, secular and non-secular camps and conference centers, and nonprofit and human services organizations throughout the United States. Church Mutual markets most lines of commercial property and liability insurance, including multi-peril, workers' compensation and commercial auto insurance. In addition to insurance, Church Mutual provides a spectrum of value-added solutions that benefit its customers. Church Mutual holds the following honors:
Contacts
Contact: Jennifer Johnson
Title: Sr. Corporate Communications Consultant
Phone: (715) 539-5797
Email: jmjohnson@churchmutual.com
"Nonprofits, schools, camps and houses of worship rely on the selfless generosity of others to fulfill their missions," said Nicole Jolley, Church Mutual's assistant vice president – Nonprofit and Human Services. "Of the 71% we surveyed who currently donate to charity, 63% expect to maintain or increase their giving in 2023. That's encouraging news for purpose-driven organizations nationwide since a decrease in donations can put many organizations at risk.
Twenty-five percent of survey respondents plan to reduce their donations in 2023. Reasons cited include concerns about their ability to make routine payments (house, car, etc.), job stability and financial capacity to give to charitable causes.
Giving Trends by Generation
Risk Radar Report also uncovered several key expected giving trends by generation, including:
- Most Baby Boomers (65%) anticipate making no changes to their charitable giving in 2023.
- Members of Generation Z (31%) are most likely to decrease charitable giving in 2023, followed closely by Generation X (30%).
- Millennials (15%) are most likely to increase charitable giving in 2023.
2023 Giving Expectations
Future Donation Expectations | Gen Z (18-25) | Millennials (26-41) | Gen X (42-57) | Baby Boomers (58+) |
Make No Change | 39% | 47% | 49% | 65% |
Reduce | 31% | 24% | 30% | 22% |
Increase | 11% | 15% | 9% | 7% |
Stop | 12% | 6% | 7% | 2% |
Replace w/Volunteering | 6% | 8% | 5% | 5% |
"Given that older generations are often more established financially than younger generations, it makes sense that we see differences among charitable giving plans for 2023," said Jolley. "Moreover, it's encouraging that Generation Z (11%) and Millennials (15%) surpass Baby Boomers (7%) and Generation X in increasing their expected level of giving for the new year."
More on Wisconsin Eagle
- RE/MAX Signature Earns Top Regional Award
- Wohler releases out-of-band configuration tools for Riedel 2110 SFP's
- Bill Sullivan Named Madison Fire Marshal
- Vacuum roll advantages include safety, web integrity, performance
- Machining Concepts Achieves AS9100 Rev D Certification for Aerospace and Defense Quality Management
In terms of earmarking their donations for certain types of organizations, Risk Radar found that Generation X is the most likely to donate to houses of worship; Generation Z to schools; Millennials to camps; and Baby Boomers to other nonprofits.
Charitable Givers Prefer Tried-and-True Donations Methods
Even with the proliferation of online and mobile/app-based giving methods, Risk Radar found that most charitable givers are sticking with tried-and-true methods. Seventy percent of those who donate do so via delivering cash or a check in person or through the mail. In fact, in-person cash and checks are the preferred donation method even for tech-savvy Generation Z.
Donation Methods by Generation
Gen Z (18-25) | Millennials (26-41) | Gen X (42-57) | Baby Boomers (58+) | |
Cash/Check in person | 80% | 68% | 70% | 70% |
Online | 28% | 51% | 38% | 35% |
Mobile Payment App | 29% | 38% | 24% | 12% |
Other | 2% | 1% | 3% | 6% |
Said Jolley, "Many nonprofits, schools and houses of worship have been operating under the assumption that donations have been increasingly moving to online and mobile platforms. However, the data shows that's not the case. Organizations need to remain flexible in how they solicit and accept donations to maximize their fundraising potential."
Fundraising Tips
Even with the majority of Americans maintaining or increasing their charitable giving in 2023, Church Mutual has three key tips for nonprofits, schools, camps and houses of worship looking to increase donations in the new year:
- Offer multiple platforms/channels for accepting donations – and don't discount traditional methods such as in-person cash/check delivery.
- Use potential economic downturns or challenges as opportunities to ramp up fundraising activity – consumers still expect to donate to the organizations and causes that are important to them, and a meaningful number are actually looking to increase their contribution level.
- Consider generational differences and preferences (e.g., financial security, purpose-driven orientation) when reaching out to perspective donors – personalization is key.
As always, when working with donations it's increasingly important to continue protecting organizations from theft. Donors should always know the authorized methods of giving so they're not caught by a scam attempt while organizations themselves should keep up to date on theft and cybersecurity trends and have measures in place to prevent unauthorized access.
Additional theft and cybersecurity safety resources can be found at:
More on Wisconsin Eagle
- Madison: For certain neighborhoods, the first collection will be the week of April 2, 2023
- Levinger Regens Announces New Initiative to Improve Hydrogen Carbon Intensity
- Eve Wellness, a SF Breast Ultrasound Screening Clinic supports the recent FDA updates to the guidelines to inform women about breast density
- Expert tip: Private Jet Engine Maintenance Program - Pros and Cons for Preowned Jet Buyers
- Gaming and entertainment company Spinrack Corporation, appoints Jesse Norton as Chief Marketing Officer
https://blog.churchmutual.com/guard-your-property-against-vandalism-theft
https://www.churchmutual.com/13474/Cybersecurity.
About Risk Radar Report
Charitable Giving in America is the latest in Church Mutual's Risk Radar initiative that uses proprietary, primary research to gather key, forward-looking insights for nonprofits, schools, camps and houses of worship, helping them maximize opportunities and minimize risk. Risk Radar Report – Charitable Giving in America surveyed 865 Americans (18+).
About Church Mutual
Church Mutual Insurance Company, S.I., founded in 1897, offers specialized insurance for religious organizations of all denominations, public and private K-12 schools, colleges and universities, senior living facilities, secular and non-secular camps and conference centers, and nonprofit and human services organizations throughout the United States. Church Mutual markets most lines of commercial property and liability insurance, including multi-peril, workers' compensation and commercial auto insurance. In addition to insurance, Church Mutual provides a spectrum of value-added solutions that benefit its customers. Church Mutual holds the following honors:
- A.M. Best Company "A" (excellent) rating.
- Wisconsin 75 Top Private Company by Deloitte US, 2016, 2017, 2018, 2019, 2020, 2021 and 2022.
- Wisconsin 75 Distinguished Performer: Innovation by Deloitte US 2019.
- 2021 Gallup Culture Transformation Award recipient.
- 2022 Social Equity and Community Empowerment Property and Casualty Company Award recipient from the American Property Casualty Insurance Association.
- 2020 Women and Diversity Award recipient from the American Property Casualty Insurance Association.
- Elite 50 Internship Award recipient from Rising Insurance Star Executives.
- Futuremakers Partner by Wisconsin Technical College System.
- Celent Model Insurer for innovation and emerging technologies.
- Award in Innovation for entrepreneurialism and innovation by National Association of Mutual Insurance Companies.
1 Church Mutual Insurance Company, S.I. conducted an online survey through SMS Research Advisors, The Church Mutual Risk Radar Report – Charitable Giving in America, in November 2022, with a nationally representative sample of 865 adults aged 18+. |
2 Church Mutual is a stock insurer whose policyholders are members of the parent mutual holding company formed on 1/1/20. S.I. = a stock insurer. |
Contacts
Contact: Jennifer Johnson
Title: Sr. Corporate Communications Consultant
Phone: (715) 539-5797
Email: jmjohnson@churchmutual.com
Filed Under: Business
0 Comments
Latest on Wisconsin Eagle
- Bicycle Sunshade Expands Product Line with Two New Colors
- The Past Reflects A Future - Daniel Imperato 2024 Is Back Again. Which Party?
- Fridge Art Fair New York City May 2023
- Empowering SMEs: Innervation's Supply Chain Finance Solutions for Diverse Business Growth
- AdvisorVault Partners With Compliant Workspace to Help FINRA Firms Achieve 17a-4 Compliance on Microsoft 365
- Madison: Referendum on Staggered Two-year Alder Terms on Spring 2023 Ballot
- The New Real Estate "Just Looking" Program Is A Big Hit With Atlanta Area Residents!
- Introducing Music360, the New Social Music Streaming App
- Marsha Gay Reynolds Shares Insights on In-Home Care Post-Pandemic
- IOTech announces a new release of Edge Xrt, its high performance data connectivity solution for industrial systems
- Ameriprise Financial Relocates Brookfield, Wis., Branch Office
- ANIMAL RIGHTS PROTEST at The Animal Foundation of Las Vegas
- Graphis to Publish Kit Hinrichs' New Book: Narrative Design
- COBRA Insurance Guide To All 50 States
- Madison: Dane CORE 2.0 Rental Assistance Program Applications to Close May 31
- The expansion continues at Right Cars Global Rentals as it officially announces its opening in the Dominican Republic
- Kids 18 and under across Madison can submit a story, song poem, etc. with a chance to win cash, prizes and potentially get published
- King Me: Loving and Leading in a Wounding World Releases March 15, 2023
- The Official Drink Of Juneteenth Atlanta 2023
- DCA Virtual: Two Decades Since the SBA Has Been Reauthorized – Is This the Year?