COVID-19 has been challenging for many on the financial front, and our charities were not exempt. In fact, recent research has shown that 14% of Australian charities may be unviable and 44% will likely show an operating loss by September 2021. If you are in a position to think about philanthropy in 2021, there are many good reasons to do so.
Support a cause you have been touched by
Many of us have had personal experiences with health conditions, mental health or other challenges and supporting something close to your heart is a good place to start. It can be a way of remembering a loved one we have lost or supporting other families facing a challenge we can empathise with.
At Apt, we have always promoted a culture of giving. This year I’m proud to report that we have matched employee donations dollar-for-dollar on a range of causes, and through the team’s support and fundraising efforts, are on track to help raise $20,000 for the The Lungitude Foundation, a charity that provides support for lung transplant recipients and their carers.
You may just get more than you give
There is a wealth of research out there that shows that when we give, we feel better about ourselves. In fact, studies have shown that it activates a part in our brains associated with pleasure and social connection, giving us what is often referred to as that “warm, fuzzy” feeling.
At a time when social media and busy lifestyles are affecting the mental health of many, giving can be a great way to counteract these impacts and make a real difference.
There are many ways to help
Your support doesn’t just have to be about giving your own money. There are many ways to support charities, from volunteering your time, to running marathons, baking, or taking part in sporting events, like charity golf days. I’m proud to say our team participate in many of these types of events, and it can often be a way to combine a passion with helping a great cause.
Beyond asking family and friends to donate, you may be able to get local businesses or even your employer to contribute. At a time when social responsibility is high on the agenda for many organisations, this can be a successful strategy to increase your contribution.
Check out Go Volunteer in your city for some opportunities to make a difference.
It can be part of your legacy
Even if you aren’t in a position to give today, one day you may be. Many Australians choose to leave a charitable bequest in their wills, and it can be fantastic legacy to leave for generations to come. Today, 7.4% of Australians leave a charitable bequest, but a further 25% report a desire to. If this is you, it might be time to take action.
Your Apt Adviser can help you plan for your wealth transfer and estate planning, and we help many of our clients include those less fortunate.
Charities will play a role in our recovery
Beyond the many feel-good benefits, recent research has highlighted just how important our charities will be in the economic recovery. Our charities support many people and communities who have felt the full impact of 2020, from bushfires, drought, and flood, to, of course, COVID-19.
They also employ 1.3 million people, or around 10% of the Australian workforce, and already do so much with so little. It would not only be sad but could be a blow to the economy if many of these organisations weren’t able to continue doing the vital work they do.
Challenge yourself to be part of the change for good
2021 is a great time to consider how you can make a difference in the lives of individuals or communities, here at home or across the globe. If you are in a position to do so, think about how charitable giving could form part of your New Year’s resolutions and how, in doing so, you may just get more back than you give.
Lastly, I want to give a shout out to the Apt team members, clients and partners who have made a difference this year. Let’s keep the momentum in 2021 and together, we can be part of the change for good.
General Advice warning
The information provided in this blog does not constitute ﬁnancial product advice. The information is of a general nature only and does not take into account your individual objectives, ﬁnancial situation or needs. It should not be used, relied upon, or treated as a substitute for speciﬁc professional advice. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) and Apt Wealth Home Loans (powered by Smartline ACL 385325) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.