Philanthropic giving has many benefits for both the giver and the receiver in society. It helps those in need, as well as helping boost the economy by stimulating economic activity. Charity can also help individuals cope with life events and deliver a positive impact on an individual’s health (Mok & Tan, 2010).
In today’s globalized world, charitable giving is one of the most efficient ways of transferring money from one place to another – it does not depend on tax programs, bank commissions, or a country-specific currency exchange rate. Charity donations are more visible than ever before through social media platforms. Giving back through philanthropy allows donors to gain satisfaction from knowing they have helped their fellow man and contribute to donors’ personal growth (Tse, 2014).
According to Charity Navigator (2014), the benefits of giving are:
– Giving money can help you reduce your taxes.
– Charitable gifts provide a means for individuals and businesses to express gratitude and recognition.
– Charity donations can grow an individual’s legacy by leaving behind something significant.
– Charity is an opportunity to strengthen communities by supporting local causes and organizations. Philanthropy helps build a healthier, more vibrant nation for all (Charity Navigator Charity Rating Guide 2014).
There is also such a thing as ’emotional philanthropy’. The practice of helping others simply because it makes people feel good about themselves, either as part of impressing others or believing in the cause.
Giving back has been studied in the past and has shown health benefits. Van Exel et al. (2006) describe how charity gives people a sense of purpose and meaning. (Kiecolt-Glaser et al., 2001) showed that charity is associated with frequent social contact, resulting in more fulfilling relationships.
Charity is also associated with better mental and physical health. It boosts self-esteem, confidence, and optimism, allowing individuals to develop new friendships through volunteering, allowing them to reduce social isolation (Mok & Tan, 2010). The satisfaction gained from an act of charity can make an individual feel thankful for what they do, 2013). The charity also helps to boost the economy by stimulating economic activity.
Through charity, capital and financial resources can be directed towards charitable organizations, thereby creating jobs and driving economic growth. As well as improving physical health, charity has been associated with better mental health. It could be due to an altruistic act being a kind of personal reward for oneself (Mok & Tan, 2010). As charity is helping others, it reduces feelings of depression or stress that donors may have when faced with other life events such as bereavement or unemployment.
Philanthropic giving has many benefits for both the giver and the receiver in society. It helps those who need it most, as well as helping boost the economy by stimulating economic activity. Charity can also help individuals cope with life events and deliver a positive impact on an individual’s health (Mok & Tan, 2010). The importance and benefits of charitable giving? What are some ways you’ve helped others through philanthropy this year? Let us know if we can help make your holiday season more meaningful!
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