Philanthropy in the country is becoming more of a niche than a selfless act. While people may have once belonged to close-knit communities that always strived to support each member, today’s Americans are more isolated, less trusting, and altogether more reserved.
Taxpayers who claimed charitable deductions dropped 64 percent from over 33 million to just 12.2 million in 2018. The dramatic decline could be related to a 2017 Tax Cuts and Jobs Act by lowering the value of all tax deductions per dollar, which may have caused many people to hold back on substantial contributions.
What to Expect in 2020
While altruism should be the guiding principle of philanthropy, the truth is that the tax benefits of being charitable inspire many donors. Without as much monetary gain for them, some are far less inclined to help others with their own money.
Of course, this doesn’t mean people won’t give back at all. In fact, in 2020, it seems there will be more people giving in ways that are harder to track or quantity. Crowdfunding is leading 2020 philanthropy trends with one in five Americans having donated to a cause at some point.
GoFundMe reports that a new campaign begins every 80 seconds. People are always looking for help, and there’s no shortage of potential good causes online for the charitable.
In the workplace, employees will begin to promote more causes to consumers to raise greater awareness and encourage generosity. Environmental conservation will be at the forefront of 2020’s greatest charity campaigns, with climate change being of the utmost concern and importance. There will also be many campaigns targeting social equality and governance to help Americans gradually shape the world they wish to live in.
Technology Will Pave the Way
Mobile apps, social media marketing, and internet-based campaigns will continue to help non-profits spread their message and amass donors. The social impact of being able to connect with others who are also passionate about a cause will serve as a strong motivation for donors who are interested in not just giving but also living more philanthropically overall.
If technology is used appropriately, the power of social media and the internet can reach millions of people and inspire a new era of charity rooted in connection, not money.