Numbers tell a story, and research into donor behavior and giving trends gives all of us — fundraisers, consultants and nonprofit partners — a roadmap to navigate what’s next. The 2025 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households, conducted in partnership with Indiana University’s Lilly Family School of Philanthropy, suggests both continuity and change.¹ Continuity in that affluent Americans remain incredibly generous: 81% of affluent households gave in 2024, contributing an average of $33,219 — more than 10 times the general population. Yet, giving participation among affluent donors has dropped from 90% to 81% since 2017, signaling shifts in donor behavior.

This report doesn’t just describe patterns in generosity; it challenges us to ask: What’s changing? And what’s next for our sector?

Below are six key takeaways from the research and their practical implications:

1. Motivations for Giving are Personal and Diverse: 68% of affluent donors cite their values/beliefs as the top factor motivating where they choose to give. However, these values differ across demographics. For example, while nearly 80% give locally, younger individuals are more likely to support global and racial justice causes, whereas older individuals tend toward religious organizations, and women are more likely to support basic needs.
   • Implications for the sector: Philanthropic strategy cannot be one-size-fits-all. As a sector, we must emphasize the importance of tailoring messages, engagement tools and donor experiences to align with donor values – not just wealth indicators. The question isn’t only “Who can give?” but “What motivates them to care?” AI-driven segmentation, donor surveys and analytics are just one tool that can help nonprofits personalize to scale.
2. Engagement Drives Generosity: Volunteerism is on the rise, with 43% of affluent households volunteering their time last year, up six percentage points from 2022. These volunteers gave nearly three times larger gifts than non-volunteer donors and averaged over 120 hours of service annually.
   • Implications for the sector: Volunteering and giving opportunities should be integrated into a holistic model, so that engagement precedes investment. For example, building systems that track engagement beyond dollars will more successfully identify potential supporters and volunteer leaders. Moreover, fundraisers should collaborate with programmatic staff to ensure that volunteer experiences are designed to foster connection and purpose – key precursors to giving.

3. Donor Confidence Correlates to Giving: Ninety-three percent of affluent households say they are more likely to give when they believe their contribution will make a difference. Yet, half describe themselves as “novices” in charitable giving – correlating with a lack of confidence in making strategic giving decisions and ultimately with smaller gifts. Self-defined “novice” donors gave an average of $4,466, compared to $12,070 among “knowledgeable” donors and $28,350 among “experts.”
   • Implications for the sector: How can we move donors from “novice” to “expert?” Notably, one-third of donors say they rely on nonprofits to help them make giving decisions. Nonprofits play a critical role in shaping donors’ philanthropic literacy. There is a real opportunity for the sector to educate donors and build their confidence; information sessions, impact dashboards and personalized reports are all effective tools. When we engage and educate donors and demystify how nonprofits define success and progress, we help donors become more knowledgeable, committed – and generous.

4. Donors Expect Sophisticated Giving Options: Charitable giving vehicles such as private foundations, donor-advised funds (DAFs) and qualified charitable distributions (QCDs) are now mainstream among affluent households. Nearly one in four use a giving vehicle, and among households worth $5–$20 million, 48% either have or plan to establish one within the next three years. Those self-identified “expert” donors – who gave nearly seven times more than “novices” – are far more likely to use giving vehicles such as DAFs or foundations.
   • Implications for the sector: Understanding donor intent, tax-efficient strategies and the range of giving vehicles is critical for effective relationship-based fundraising. Furthermore, technology platforms should support these trends and accommodate complex gifts seamlessly. By helping donors align their philanthropic passions with strategic giving strategies, nonprofits can deepen relationships and maximize impact.

5. People Give to People: Eighty-seven percent of affluent households report that their giving brings them personal fulfillment, and half give to organizations where they know someone who has benefited directly. Among affluent households that don’t give, one in four cite a lack of personal connection to an organization, and nearly one in five say they were not personally asked.
   • Implications for the sector: At its core, giving remains personal. Relationship-based fundraising continues to be the most powerful driver of giving. We must create systems that promote authentic human connection; data, automation and AI can streamline tasks, but they must always be used to free us to build meaningful relationships.

6. Transparency and Trust Remain Non-Negotiable: Affluent donors increasingly approach giving like investors: they expect measurable results, clear outcomes and transparency in how their funds were used. Sixty-two percent report monitoring and evaluating the impact of their charitable giving before their next gift.
   • Implications for the Sector: Transparency builds trust – and trust drives long-term support. Nonprofits that invest in data collection and impact reporting strengthen donor trust. But sharing your outcomes isn’t just about data and numbers; donor-centric reporting will tell a story, communicate meaningful change and promote conversation between a donor and the nonprofit. Transparency isn’t just good ethics—it’s good fundraising.

The Bottom Line: What this Means for Our Sector

The 2025 Bank of America Study of Philanthropy reinforces that successful fundraising is built on genuine relationships. Affluent donors are not a monolith; they differ in motivation, passion, communication preferences and philanthropic sophistication. As a sector, we share a collective responsibility to help nonprofits deepen donor relationships, strengthen systems, and amplify meaningful, measurable impact. When we interpret research through the lens of human connection, insight becomes impact—and generosity follows.

¹The tenth in their biennial series, this study highlights trends in charitable giving and volunteering among affluent donors, which they define as households with a net worth of more than $1 million (excluding the value of their primary residence) and/or an annual household income of $200,000 or more.

For 36 years, The Curtis Group has consulted with more than 250 nonprofits nationwide, helping them raise more than $1 billion. The firm is a member of The Giving Institute, the nation’s research and thought leader on philanthropy. Wendy McGrady, president and COO. is the current chair of the Giving USA Foundation, and CEO and chairman Keith Curtis is a past chair. Learn more at www.thecurtisgroup.com