Nearly a third of people who have donor-advised funds — which allow them to set aside money for philanthropy, get a tax benefit, and later decide which charities to support — say opening the accounts has helped them plan their giving further in advance, according to a new survey of more than 1,000 donors with accounts at Fidelity Charitable. The study offers a rare glimpse into the way donor-advised-fund holders think about their philanthropy. Some takeaways:
Deciding Early
Most donors think ahead of time about which charities to support
78% say they have “a good sense” of where they want their gifts to go
But fewer decide at the start of the year how much to give
53% say they usually know in advance each year the amount they’ll donate
28% say they reserve some money each year for unanticipated charitable needs
Planning Ahead
Women spend more time than men on philanthropy
71% of women spend an average of 5 hours or more a month on giving activities
61% of men report the same
Most donors’ overall giving philosophy remains a work in progress
22% have crafted a charitable mission statement
But women are more likely than men to have a charitable mission statement
27% of women vs. 19% of men
Advice From Others
For most donors, philanthropic choices are shared
42% share charitable decisions equally with someone else
40% make decisions with some input from others
18% make all decisions solo
Preferences in Giving
Donors prefer to support charities’ short-term needs rather than long-term ones, such as an endowment or a capital campaign
36% prefer to give to short-term needs
22% want to support long-term goals
However, men are more likely than women to support a charity’s long-term needs
24% of men vs. 17% of women
Leaving a Legacy
Most donor-advised-fund account holders have included or will include money to charity in their will
39% of all donors have established a bequest or other planned gift
19% expect to do so in the next 5 years
32% have no plans to do so
10% don’t know if they will
Women are more likely than men to have established a planned gift
47% of women vs. 36% of men
