Sharing money with less fortunate people in our community is an important part of building strong, smart money habits with our kids.
Below is data and studies that we’ve gathered over the years on how often parents are encouraging their kids to give, how much they are giving, who they are giving to, and much more. Take a look and if you’re a parent, we would love for you to fill out the survey below to help other parents just like you! For more tips on teaching your kids this subject, head over to our guide on how to teach your kids about sharing money and how to encourage your kids who want to give to charity.
Sharing Money Survey
Sharing Teaches Strong Money Habits
According to a recent study from the Journal of Family and Economic Issues:
- Financial giving has a strong positive correlation with personal wellbeing in children.
- Charitable giving teaches children the basics of business and saving and has a positive impact on their financial management skills.
- People who are generous with their money tend to live happier and healthier lives.
How Much Money Kids Are Sharing
We will add our survey results as they come in to see how they compare to other generations.
- On average, American Millenials donate $481 to charity every year.
Who Kids Are Sharing With
We couldn’t find reliable third-party data on which charities kids under 18 are supporting, so here are some of the most popular charities that Millenials are supporting. We will add statistics from our survey results as they come in!
- Charities for children
- Global human rights groups
- Health nonprofits
- Religious organizations
More Interesting Statistics
- 60% of all American households participate in some sort of charitable giving each year.
- 84% of American Millenials give to charity (indicating that younger generations are more inclined to participate in charitable giving). In comparison, 59% of Gen X and 72% of Baby Boomers give to charity, although their average donations are higher than Millenials.
- Over 40% of American Millenials who donate to charity do so on a recurring basis, like a monthly expense on their debit card.
- 70% of all giving in the United States comes from individuals, who gave over $280 billion in 2017.
- The average donor in the United States is 64 years old.
From a 2014 study:
- From 2009-2014, Americans have become more selective in their giving to charitable organizations.
- Half of Americans now believe that giving one’s time to charitable organizations is more important than giving money. This is especially true among young adults (ages 18 to 34).
- A strong relationship exists between how much a person is involved in a religious organization and how much that person gives to and volunteers for religious and other charities.
- Americans give their time and money to non-profits that match their beliefs.
- People say the reasons they do not volunteer is that they have not been asked, or that they do not know how to get involved.
- In 2009, 63.4 million Americans, or 26.8 percent of the adult population, contributed 8.1 billion hours of volunteer service, worth $169 billion, using Independent Sector’s 2009 estimate of the dollar value of a volunteer hour ($20.85).
- In 2009, 1.6 million more Americans volunteered one million more hours of service than in 2008.
- In 2009, 4.4 million teenagers (ages 16 to 19) dedicated 389.5 million hours of service to communities across the country.
- Americans give most of their volunteer time to faith-based and educational institutions.
- Teenagers (ages 16 to 19) are most likely to volunteer for education and youth services organizations.
- In 2008, 78.2 percent of the nation’s volunteers made a charitable contribution or non-monetary donation of $25 or more in value compared with 38.5 percent of non-volunteers.
- The number of charities and private foundations registered with the Internal Revenue Service increased by 4.3 percent from 2008 to 2009, reaching a total of more than 1.2 million, according to figures released by the tax agency. The percentage increase was slightly less than the rate that had been reported for the two previous years.