As COVID-19 continues to shape our lives and our future, many Americans give thanks and give back to others less fortunate during this pandemic. Some have had personal experiences that lead them to ease others’ financial stresses by providing directly or through other institutions. Donors are giving to resolve the inequities in our society that others are facing during this time.
According to a report by Indiana University’s Women’s Philanthropy Institute, COVID-19 has prompted Americans to give generously, especially during this time of crisis:
- 56% of U.S. households engaged in giving
- One-third of U.S. households gave money directly to organizations.
- 48.3% engaged in charitable giving indirectly.
Indirect giving providing financial resources for others by ‘paying it forward’ during this time of need.
Examples include:
- Buying gift cards from a business for later use.
- Making individual lunches to distribute to the homeless.
- Paying one month of someone’s electric bill
Still, others want to provide ongoing philanthropic support to charities to help make the world a better place through socially responsible investing. To be considered socially responsible, the investment must also be sustainable over time, profitable for investors, and the companies represented continue to exist. The main goals of socially responsible investments are to make a social impact and make a profit. Socially responsible and sustainable investing is expecting to soar in 2020 and 2021 due to COVID-19.
During this time of giving thanks and during COVID-19, there are also ways you can give without spending money:
- Check-in on others- call, text, or visit in person while practicing social distancing.
- Run errands or do chores for others- pick up groceries, rake leaves, etc.
- Donate surplus food items to a food pantry.
- Give blood- many blood banks are running low due to donor’s fears of COVID-19.
- Provide hard-to-find supplies from your surplus- paper products and cleaning supplies.
Giving and helping will connect you to others, is beneficial for your mind and body, and brings fulfillment to your life, something we can all be thankful for.
Disclosure:
For financial professional use only. Not for use with the general public. Before any decisions are made regarding your client’s financial situation, your client’s individual circumstances and objectives should be discussed. There are many factors to consider. The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed.
SWG1374389-1020c
At Zara Financial Group. We aim to provide an educational resource for those wanting to make intelligent decisions about their finances. Our goal is to help you live retirement the way you intended. Contact us today to schedule an introductory appointment.