Oct 22, 2020 11:44 PM EDT
Millennials are stepping up amid the pandemic. While many people are struggling with their finances, study founds that millenials are becoming more charitable.
During the coronavirus pandemic, many Americans are finding alternate ways to spend their money. Some have been forced to cut back on necessary purchases, while others are cutting back on the less-needed materials.
However, Zelle's latest data payment app revealed that almost 75 percent of millennials aged 25-34 had found the cash to be charitable, according to Motley Fool. Specifically, millennials have offered financial aid to family, friends or donated money to charity.
Millennials, on a percentage basis, have been the most generous among any age group amid the COVID-19 pandemic. At a time when there's so much negativity, this data shows that positive acts still exist.
According to a new report from Indiana University's Women's Philanthropy Institute (WPI), 56% of the U.S.households engaged in charitable giving to help their neighbors.
The report that surveyed 3,405 people in mid-May shows that one-third of the U.S.households gave charitable organizations money directly. People in the U.S. continue to donate money even with all of the economic insecurity of the COVID-19 recession.
CNBC reported that it's not just direct charitable contributions that made a difference, the report noted. People uniquely responded to the crisis. In fact, 48.3% engaged in charitable giving directly; households order takeout from local restaurants, continue to pay from services like daycare or house cleaning, or purchase gift cards from boutiques.
There is a significant change as people are forced to stay in their homes, Jeannie Sager, WPI's director, tells CNBC Make It. People became more aware of the needs of the other community members, and they want to help local businesses and their neighbors through the downturn.
Sager added that social distancing "made a big difference in how people engaged in generosity that you could no longer volunteer."
This past year, maybe you can't give much money, or perhaps you have no extra cash in your bank account and still thinking if you can do more to help.
At this time of worldwide crisis, yet you want to be generous, it is admirable. Remember that you should not let giving drive you into debt. But it would be best if you took care of your personal needs first and then donate what is extra to others. Using a credit card in the course of donation won't make sense, as per Fool.
Aside from sharing your cash, there are several ways to help others. Indeed, money is tight right now, or your salary is just fit to cover your basic needs but has little to no money in your funds.
So instead of considering keeping your cash, donate your time. You can offer to watch a neighbor's children for a few hours, or you could let your neighbor connect with the internet for their virtual study if they don't have the internet to connect their device. Also, you may collect food and supplies for a local food bank in your community. There are endless possibilities to make a difference, and you can do it without giving up money that you need for yourself or your family.
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