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November 09, 2017 at 07:22 AM
Americans donate billions of dollars to charitable organizations every year, particularly in the November-December giving period.
In a recent survey, 64% of donors said they would like to give more, but were held back by concerns about personal finances and impact.
The survey results, released Thursday by Fidelity Charitable, a donor-advised fund sponsor, showed that 72% of respondents cited financial circumstances as their main obstacle to giving more, and 65% said the chief barrier was concern about the effect of their giving.
Ninety-five percent of donors surveyed said they would give more under the right circumstances.
The report was based on a 2016 survey conducted by Artemis Strategy Group, an independent research firm, among 3,254 adults in the U.S. who donated to nonprofits and claimed itemized charitable tax deductions on their 2015 tax returns.
What would prompt donors to give more?
Forty-seven percent of respondents said the ability to take a larger tax deduction would be a huge incentive to increase their giving.
Fidelity Charitable noted, however, that these donors were probably not availing themselves of all the tax deductions already available that could allow them to give more.
Only 41% of respondents said they paid close attention to giving-related tax deductions. This means that 59% of donors likely were not taking advantage of significant tax breaks related to giving.
