An international study reveals that charity giving increases with age but the focus changes too
Philanthropy is a hot topic in 2021, led by some of the world’s richest people and intensified by the pandemic.
But new academic research shows that the urge to share wealth with good causes, even in the early stages of the COVID-19 crisis, was more likely to be felt by older people than the younger generations.
Researchers from the University of Birmingham, University of Oxford, and University of Vienna led the study of more than 46,000 people from 67 countries including Canada.
They asked participants how much of a hypothetical amount of money, based on the average income in their respective countries, they would give to a charity assisting with the pandemic in their own country or elsewhere.
In every country, older adults said they would donate more to charity than younger ones.
Recently, Magid Girgis, a certified financial planner with Safebridge Private Wealth told Wealth Professional how advisors can move the needle on charity giving.
Domestic vs. international
On the domestic vs. international charity question, younger people were more likely to give equal amounts while older adults tended to favour their own nation’s charities.
“Increased prosocial behaviour – generosity and distancing – is shown around the world for older adults compared to younger adults. However, who people are willing to help seems to change as people age,” said senior author Dr Patricia Lockwood. “As the challenges of the 21st century become increasingly global in nature, and rely on people helping others, it is vital we understand how different age groups might respond.”
The results were consistent even when accounting for factors such as how wealthy each country is, how bad the virus was in the country at the time of the survey, and participants’ perceived risk of catching the virus.
The full study is available at nature.com
