Charitable Giving in the US Declines in 2022, but Still Shows Generosity Amid Challenges

Summary

The Giving USA 2023 annual report found that total U.S. charitable giving declined to $499.33 billion in 2022, a drop of 3.4% in current dollars and 10.5% when adjusted for inflation, following two consecutive record-breaking years. It marked only the fourth time in four decades that overall donations failed to increase year over year.

The decline was driven by a harsh economic environment: the S&P 500 fell 19.4%, inflation reached a 40-year high of 8%, and disposable personal income was essentially flat in real terms. Despite the setback, Americans still gave nearly half a trillion dollars, underscoring the country's enduring philanthropic culture. Researchers also noted a longer-term concern: donor participation rates have fallen from roughly two-thirds of Americans at the start of the century to under 50 percent.