Despite inflation pressures, most Canadians still intend to donate this Giving Tuesday
Canadians are heading into the holiday season with rising costs and economic anxiety on their minds, but a new survey suggests charitable spirit is holding strong.
According to BMO’s latest Real Financial Progress Index, 65% of Canadians say they plan to support charities or community causes during the festive period, with a focus on philanthropy today (Dec. 2) as it’s the annual Giving Tuesday.
Among those planning to donate, 58% say they give because they want to help people in need, while another 51% are motivated by causes that matter to them, and 26% are hoping to nurture a sense of generosity within their family.
Despite the positive intentions, many donors are feeling financially stretched. Nearly a third of respondents expect to scale back their giving this year, pointing to tighter household budgets. At the same time 65% wish they could contribute more than they anticipate being able to. Even so, 28% plan to make new monetary donations this season and 29% say they’ve already contributed earlier in the year.
“Even during these challenging economic times, Canadians are finding ways to give,” said Sharon Haward-Laird, Group Head of Canadian Commercial Banking & North American Integrated Solutions and co-chair of the campaign.
BMO is launching its 15th annual Employee Giving campaign this month, in partnership with United Way and a wide range of local nonprofits across North America. The bank highlights that its employees not only give financially but also volunteer and advocate for causes where help is urgently needed.
The long-running initiative has made a significant impact. Over the past decade, BMO employees have contributed nearly US$250 million to charitable organisations, with more than 80% of employees participating each year.
"Times are tough, and with rapid population growth, basic needs are rising," said Heather McDonald, President & CEO of United Way Greater Toronto. "Poverty and food insecurity in Canada have surged nearly 40% in two years. United Way is tackling these challenges head-on.”
