Today I received an interesting email and press release from someone representing Capital One. (Incidentally, I have a Capital One card — I use it to pay for a plane ticket to see my husband’s family in New York every year.) The subject was that of charitable giving as the economy heads into decline. Here are two findings that a survey done by Capital One that I found particularly interesting:
- 83% of respondents have become concerned about their finances in the last 12 months.
- More than 50% of those taking the survey or either unable to donate to charity, or have reduced their donations.
I know I fall into that category. I still tithe to my church (and that money is used to help the less fortunate), but I have scaled back my giving elsewhere. My big concern is that the companies I do freelance work for will cut back. As a result, we are bulking up the emergency fund and re-assessing our charity list.
And it’s not just charities that people are cutting back on. Holiday gift shopping is expected to decline this year as well. My husband and I are already revising our gift list and adjusting our spending limits (this year we are limiting gifts to each other to half the normal amount).
Are you changing your habits of giving as a result of the economic downturn?