Charitable giving continues decline in 2023 after years of record inflation and pandemic
Charitable giving in 2023 dropped by 2.1% due to inflation, according to the latest Giving USA report.
Nonprofits have been concerned about the decline in the number of Americans who give, with individual giving dropping by 2.4%. The share of overall giving from individual donors continued to decline slightly, from 67.4% in 2022 to 67.2% in 2023, the Associated Press reported.
In 2023, foundations accounted for 19% of overall giving ($103.5 billion), bequests accounted for 8% ($42.7 billion), and the remaining 7% came from corporations. However, there are signs that charitable giving may finally be settling into a new normal after years of unusual events like the pandemic and record inflation.