Thursday, February 14, 2019

Giving Money Away in 2016

Forty-eight percent of American households gave money to persons or organizations outside the household in 2016, according to a Bureau of Labor Statistics' analysis of the Consumer Expenditure Survey. Among those who did, the average amount given was $4,298. Here is the percentage of households that gave money away during the year by type of recipient (and average amount given by donors)...

25.16% gave money to churches/religious organizations ($2,970)
16.54% gave cash gifts to family/friends outside the household ($2,391)
16.11% gave money to charitable organizations ($2,462)
  3.15% paid child support ($7,142)
  2.84% gave money to support students in college ($3,580)
  2.30% gave money to political organizations ($837)
  2.26% gave money to educational institutions ($2,716)
  0.46% paid alimony ($20,754)
  0.15% gave gifts of stocks/bonds/mutual funds to family/friends ($25,717)

Source: Bureau of Labor Statistics, The Relationship between Cash Contributions, Pretax Income, and Age

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