Affluent Americans Expand Generosity During the Pandemic

Abstract

In times of crisis, Americans have historically responded quickly and generously to assist others and address urgent needs. In 2020, the COVID-19 pandemic unleashed severe challenges. Preliminary findings from the 2021 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households (the “Study”) show that affluent Americans rose to these challenges in many ways. Some affluent households made unrestricted contributions to nonprofits to sustain operations across a wide variety of causes, and others expanded their generosity with additional forms of charity such as giving directly to individuals and businesses affected by the pandemic. Focusing on the communities in which they live, affluent households often concentrated their giving locally—whether to nonprofits, individuals or businesses.