Economic downturn fails to dampen philanthropy

Philanthropy is flourishing despite the downturn, according to a Barclays Wealth report published today.

Original Source

By Rachel Cooper

A survey by Barclays Wealth of 500 wealthy individuals in the UK and US revealed that around 75pc had not reduced their contributions to charity, while more than one in four had increased their giving in the last 18 months.

Now that governments are overburdened with debt, the rich felt it more important than ever that wealthy individuals did their bit for charity, the report said.

When asked where they would make cuts if the downturn continued, respondents said they would be more likely to stint on luxury goods, holidays and eating out than curb their donations to charity.

But the report indicated that donors were becoming more discerning about how they donated their money, with more than half saying they would be more interested in investing in individual projects rather than just giving to large charities.

Emma Turner of Barclays Wealth said: “In some ways, the recession and its knock-on effects have galvanised the attitudes and approaches taken by wealthy donors, who are in a bullish mood to not only carry on giving, but make an even bigger impact in the future.”

She said the findings showed younger philanthropists have a stronger commitment to giving than the older generation.