- Experts say that a possible U.S. recession could reel back total philanthropic spending, and studies show that the downturn could hurt donating in the long-term. With the possibility of an economic crisis being that of a coin toss, some donors may pull back to protect their finances.
A recession is looming like a dark cloud over the heads of many working-class Americans, already struggling to keep up with rising costs of living. But America’s richest givers—set to pass down $84 trillion in the “great wealth transfer” by 2045—could also be affected, as they may pull the plug on their charitable donations if things take a turn for the worse.
