Crowdfunding keeps growing, and statistics show American generosity does too.
A report by the Giving USA Foundation found that Americans are more comfortable donating to charities than ever before. The report said that 2015 was the country’s most generous year ever with donations that were “record-setting whether measured in current or inflation-adjusted dollars.”
An article for MarketWatch crunched the numbers and found that “on average, Americans give more than $1 billion to charity every single day.” Where does the money go? The largest five categories are religion, education, human services, foundations, and health. And Boomers and Millennials make up the largest groups who donate.
Comfortable with Crowdfunding
Let’s look at the demographics of crowdfunding. The Pew Research Center found that in 2015, one in five Americans had donated to a crowdfunding platform.
What’s the most common type of crowdfunding Americans give to? According to the Pew study, “contributions to help an individual in need — often a friend or family member — are the most common type of crowdfunding donation.” Out of all crowdfunding campaigns in 2015, 68% were to help someone in need, while the next most popular type — to fund a new invention — was 34%.
It also doesn’t matter if it’s your first donation to a crowdfunding campaign or your sixth. The study also found that donations to help someone in need were the most popular among those who had never used crowdfunding, as well as those who frequently donated (of both groups, it was 68%).
Out of all Americans who’ve donated, 18- to 29-year-olds give the most (30%) but 30- to 49-year-olds follow close behind (27%).
Tribute Pay’s Crowdfunding
We wanted to take it a step further and analyze the donations made specifically to Tribute Pay crowdfunding campaigns. What we found was that women tend to feel the most comfortable donating to a crowdfunded funeral. Looking at a funeral home in South Carolina that ran a successful campaign:
- 6 donations were from women
- 5 donations were from couples
- 1 donation was from a man
- 1 donation was from a company
- 2 donations were anonymous
The trends were similar across 23 other successful campaigns.
- Women ranked highest with about 38% of the donations
- About 22% were from men
- 20% were from anonymous donors
- 16% were from couples
- Just about 4% were donations from companies
The Tribute Pay results line up with national data, too. Women simply tend to donate more. A study by the Women’s Philanthropy Institute at Indiana found that women donate 89% more than men.
In general, studies show that women from all income brackets give more generously than men do. When it comes to crowdfunding specifically, the Pew Research Center found the same thing — women donated more to crowdfunding campaigns than men.
We already know that women are more likely to make funeral arrangements than men, and now it appears they feel more comfortable donating to a crowdfunded funeral as well.
Want to see just how easy crowdfunding can work for you and the families you serve? Give us a call at 866-372-9372 or fill out the form below to talk to a live consultant today!