Despite inflation, Giving Tuesday raises a record $3.1 billion for charities

GivingTuesday raised a record $3.1 billion in 24 hours for charity in the United States earlier this week as the event, which began as a hashtag in 2012, celebrated its 10th anniversary and status as a staple for nonprofits celebrated, the leader of the group said on Wednesday.

Despite the tough economic year many households have experienced, with inflation in the cost of basic goods, gasoline and housing, people are still willing to give, said Asha Curran, CEO of GivingTuesday.

“That’s really what we saw yesterday,” she told the Associated Press. “Whatever people experience, they have been as generous as they could be.”

THIS GIVING TUESDAY, STRENGTHEN YOUR FAMILY LEGACY AND GIVE BACK

GivingTuesday estimated that giving increased about 15% from 2021’s $2.7 billion, beating inflation. Donations were counted using a range of data sources, including major community foundations, companies that offer fundraising software, payment processor PayPal, and major funders like Fidelity Charitable and Vanguard Charitable. Their method of assembling the estimate attempts to eliminate duplicate data points, Curran said.

In another measure of the resilience of donations, Fidelity Charitable said Tuesday that for the first time since 2018, the value of grants from its donor-recommended funds exceeds the value of investments going into the funds.

US $100 bills are seen in Marple Township, Pennsylvania on July 14, 2022.
(AP Photo/Matt Slocum, file)

The organization said this year’s totals were the largest sum donated Tuesday after Thanksgiving since the group began tracking them.

The hashtag promoting fundraising on the Tuesday after Thanksgiving started as a 92nd Street Y project in 2012, and the GivingTuesday organization became an independent nonprofit in 2020. The organization has also launched a campaign to raise $26 million over five years to expand its database of giving.

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In the tenth year that nonprofits and donors mark this day, people continue to show incredible generosity, Curran said.

“You give in many ways. It’s not always about money. It often has to do with community. It’s very collective. It has a lot to do with making people feel like a fractal of a larger whole,” Curran said. “And yesterday was just further confirmation of that.”

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