The Boston Foundation estimates donations will pick up in years following recession
March 06, 2013
The Boston Foundation, which is one of the longest-standing community foundations in the United States, recently announced the findings from its new report on the recession's effects on charitable giving in the Greater Boston area.
The foundation begins the report by explaining that preceding the onset of the Great Recession, the outlook for philanthropic giving was extremely positive, and while some New England communities were not as devastated by the economic downturn, the impact was still felt by both households and nonprofits.
However, there are signs indicating giving could take off in the coming years and beyond, the report found. This is particularly true among older individuals - people between the ages of 50 and 59 have the most wealth and those between 65 and 79 are giving away their savings at a quicker pace. The Boston Foundation predicts that between the start of the recession (2007) and 2026, lifetime gifts to charity could reach $86 billion at the low end and $109 billion at the high end.
"This report shows that Greater Boston's commitment to philanthropy will only rise in the coming decades. High-wealth households who were able to get through the recession with much of their assets still intact are already giving generously," said Paul Grogan, president and CEO of the Boston Foundation.
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