Not Just a Warm Fuzzy Feeling: What Drives Canadians to Give?

Highlights

• Charitable giving has recently fallen among Canadians, with both the donor and volunteer rates down in the most recent data. This invokes a number of questions: why aren’t we giving more, and are there any lessons that can be gleaned from more highly engaged Canadians? 
• There is no one single answer to these questions. Trends do emerge in the data however: younger Canadians are less likely to report being asked to give time or money. Older Canadians are more likely to prefer giving money, but are also more likely to report concerns about charity fraud and the sheer number of organizations making requests. 
• On the other side of the coin, highly engaged volunteers overwhelmingly report a desire to put their skills to use as driving their decision to give. For the top donors of money, tax credits and religious obligations stand out as motivations vis-à-vis donors of smaller sums. 
• International comparisons may also provide insights on what drives charitable giving. Tax credit thresholds may help drive monetary giving; while increased engagement with religious Canadians may help drive increased volunteering.

 Full report in PDF format is available here.

Disclaimer

This report is provided by TD Economics. It is for informational and educational purposes only as of the date of writing, and may not be appropriate for other purposes. The views and opinions expressed may change at any time based on market or other conditions and may not come to pass. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. The report does not provide material information about the business and affairs of TD Bank Group and the members of TD Economics are not spokespersons for TD Bank Group with respect to its business and affairs. The information contained in this report has been drawn from sources believed to be reliable, but is not guaranteed to be accurate or complete. This report contains economic analysis and views, including about future economic and financial markets performance. These are based on certain assumptions and other factors, and are subject to inherent risks and uncertainties. The actual outcome may be materially different. The Toronto-Dominion Bank and its affiliates and related entities that comprise the TD Bank Group are not liable for any errors or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered.