The wealthy young give more to charity than their older peers
According to NPC’s Money for Good Report, young, high-income workers tend to give more to charity than their older 
peers.
Those on a high income (which is based on a household income of £150,000 plus) and aged 18-34 give £2,301 on average every year. This is significantly more than the average high income donation of £1,282. High income donors make up 1% of the UK population but contribute 10% of its charitable donations.
As the voluntary sector comes increasingly under pressure, with falling income and growing demand for services, the report shines a light on who gives to charity and why.
The report has found that charities currently under-perform in the areas donors care most about. Donors would like more of an explanation on how donations are used and evidence of its impact. The report revealed that people would give more if the charity provided information on how their donation was used.
Ipsos MORI (a leading research company) surveyed 861 high income donors. Within that group it was found:
- Male high income donors give more to charity than female ones, giving on average £1,417 a year compared to £979 for women – although this may reflect individual income within the household.
- Sponsorship is the most used method of donation,
- There is a stronger preference for direct debits than amongst mainstream donors.
- 43% had also given time as a volunteer in the last year.
- The three most popular causes are medical research (59%), children and young people (46%), and hospital and hospices (44%).
- 24% give to schools, colleges, universities and other education.
Money for Good is the biggest ever UK study of donor motivation. Its aim is to increase the quantity and quality of giving, helping charities to appeal more to the giving public. It identifies different types of UK donor, each distinguished by their particular giving habits, for example Good Citizen – ‘I give because it’s the right thing to do.’ Within these types, the largest group of high income donors is the Ad Hoc Givers (31%) who donate because they are asked to do so, for example, at an event or via sponsorship.
Comment
Don’t forget as well as the philanthropic effect of giving to charity it does have other benefits. For those looking to reduce their income to avoid losing Child Benefit charitable giving is a great way to bring your income back under the £50,000 threshold.
Even if you are not doing it for Child Benefit charitable giving extends your basic rate tax band by the gross amount you give to the charity. So, in other words, it could save you some income tax.