According to a biennial study by BofA and Indiana University’s Lilly Family School of Philanthropy, about 85% of affluent U.S. households gave an average of $34,917 to charity in 2022, down from 88% and $43,195 two years earlier.

“In many ways, including charitable giving activity, 2022 represented a break from the prior two years, though it is still unclear if things are returning to their pre-pandemic trends or if we are on a new path," BofA notes in the study.

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