Philanthropy is any act of generosity aimed at the welfare of the people. It can be in the form of a donation for charity, setting up an institute to serve the cause of those who are under-privileged, etc. Over the past few years, the global trend in philanthropy is also taking a shift. Donors have because well abreast and have begun to show a great deal of involvement on their part. The following key trends have become prevalent in recent years:
- Any work of philanthropy is intended to create an impact and target a certain area of the society. They want to directly reach out and communicate with charity organizations in order to stay more relevant. This connection between the philanthropists and organizations is fundamental and to the benefit of the receiving end individuals. The trend has now become common for philanthropists to dig deep and look closer to where there donated money goes.
- Another trend that is prevalent is that philanthropists do not just donate, they have made this welfare work part of their business network and investment. This is contrary to the conventional philanthropy where money crept out in the form of donations.
- People who are privileged have started raising their voices more than before. Philanthropists have begun attracting potential philanthropists through media platforms, raising voices against different societal problems and calling others to join hands in the service for humanity. This call for encouraging the wealthy people to give more is ultimately to the benefit of those muffled voices in need. In addition to this, fundraising ability is a fundamental part of charity organizations to ensure cash inflow to keep functioning and maintain their order.
- Providing tax incentives to the wealthy people for a share of their donations has attracted them significantly. These incentives often act as catalysts for a long-term journey on the road to philanthropy.
- It is important to mention of this trend that provides encouragement to the donors and sets them on contentment. Different charity organizations have begun informing their donors of the money spent in the long run. Traditionally, donors were only informed about where their donated money was spent in the short-run, leading to a limited line of communication between them. In this regard, wealth advisers and other professionals have a crucial role in setting up the right conversations between clients pertinent to philanthropy and social causes.
- Research conducted in the field of philanthropy has now become more accessible and this can now be used as a tool to foster new collaborations and partnerships from across the world.
The future generations will be more enthusiastic in aligning their financial choices in the direction of philanthropic works, investing in organizations ethically. This is evident from the fact that they are already taking risks and bolder steps for social causes and it is not too far when philanthropy will be merged as the society’s need of the hour. In this regard, the elderly people should also provide guidance to their children in directing their lives for humanitarian causes.