TORONTO, Nov. 16 /CNW/ - According to a Statistics Canada report released today, donations surpassed $8.1 billion in 2008, down 5.3 per cent from 2007. However, a BMO report suggests that despite this decline, majority of Canadian boomers plan to increase or maintain their level of charitable giving in the next five years.
Those who build charity into their budget or financial plan are more likely to maintain their level of giving during an economic downturn. Similarly Canadians who plan their donations around family values tend to support the same organizations repeatedly over time.
- Discuss recent BMO Retirement Institute Report
- Nearly half give on impulse without a plan or budget; how to build
philanthropy into your budget?
- How to ensure you are contributing during an economic turndown
- What are the trends and attitudes taking shape among boomers in terms
- Tina Di Vito, Director, Retirement Strategies, BMO Financial Group
- Marvi Ricker, VP and Managing Director, Philanthropic Services, BMO
Harris Private Banking
BMO RETIREMENT INSTITUTE REPORT ON GIVING: Canadian Boomers Gave Less In
the Recession - But Plan to Make Up for it in the Next Five Years
Key findings of a new BMO Retirement Institute report entitled The
Evolution of Giving: From charity to philanthropy:
- Survey shows Canadian boomers want to be smart with their giving,
however, nearly half donate on impulse, without a plan or budget
- More than four out of five boomers cite charitable giving as a
rewarding and educational family experience, but only 15 per cent
involve their children in the decision making process
- Only 1 per cent involve a financial advisor in planning for
- While most Canadian boomers - 82 per cent - plan to increase or
maintain their level of charitable giving in the next five years,
with the majority saying they would do so regardless of the economic
climate, half are only 'somewhat satisfied' with their current way of
- Boomers today want to be involved and want to have a level of control
over how their contributions are utilized. Unlike their parents, who
have tended to bequeath their donations, boomers are giving during
their lifetimes, so that they can see what impact their donations are
- The number one reason for donating for 68 per cent of respondents is
"To make a difference in a cause I believe in"
- Majority of respondents, 94 per cent, indicated it is important for
them to give to charities that serve local causes
- Almost one in three who donated money to charity within the last
12 months also raised money or volunteered for a charity.
Visit www.bmo.com/RetirementInstitute for a copy of the report.
BMO's podcast features Tina Di Vito and Marvi Ricker discussing findings from the Institute report, along with examples of how some Canadian families approach charitable giving:
SOURCE BMO BANK OF MONTREAL
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