At Schwab Charitable, Giving Jumped 31% in 2023
The firm's account holders granted nearly $1.5 billion during the holiday season alone.
Schwab Charitable donors granted more than $6.1 billion to charity in 2023, an increase in giving of 31% compared with the prior year.
Donors supported over 127,000 individual charities through more than 1 million total grants, according to the organization. This marks an 11% yearly increase in the number of grants going to charities, as well as the first time that donations from Schwab Charitable have topped the $6 billion mark.
Some $1.5 billion was granted to 250,000 charities between “Giving Tuesday” on Nov. 28 and the unofficial end of the winter holiday season on Dec. 31 — a period that often sees accelerated donor activity.
Other notable data points include that 71% of donors’ grant recommendations did not specify a purpose, meaning the receiving organizations could use the grants where needed most. More than two-thirds (69%) of existing donors granted to a new organization that they had not previously supported, while 87% of donors granted it within their home state.
While giving activity tends to accelerate late in any given year, planning experts tell ThinkAdvisor it can be beneficial to keep charitable goals in mind throughout the year. Spreading out the donations not only helps to reduce year-end stress — it can also help with tax efficiency and other planning goals. From donor-advised funds to charitable remainder trusts, there are many vehicles and strategies to consider.
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