Making a decision to support foundations and charities can be difficult. Many wonder “Will my gift make a difference?” or “Is it worth it?”. Here are some common misconceptions on charitable giving & their realities:
Myth #1: It is pointless giving to foundations; most of the donation goes towards administrative costs.
Reality: The CERN & Society Foundation transfers 94% of their total expenditure to grants, leaving 4% for fundraising costs and 2% of the total expenditure for other operating expenditures.
Myth #2: Millennials do not care about charity.
Reality: The study on “The Next Generation of American Giving” reveals interesting findings about charitable contributions made by four generations: “Matures” (born 1945 or earlier), “Baby Boomers” (born 1946-1964), “Generation X” (born 1965-1980), and “Millennials” (born 1981- 1996).
Though it is true that Baby Boomers remain the most generous generation, with roughly 75% of baby boomers contributing to charities, Gen X and Millennials are not so far behind. According to the study, 55% of Gen X and 51% of Millennials contribute to charities. The study also confirms that younger generations contribute to charities in other ways such as fundraising, volunteering and online promotion.
Myth #3: Giving to charity will not make me any happier.
Reality: Numerous studies have shown that happiness does not result from what we get, but from what we give! The joy of making a difference in someone’s life is more powerful than you can possibly imagine.