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May 9, 2008, 12:31 PM ET
Economy Hobbles Giving by Some Wealthy Donors
Many wealthy baby boomers have cut back their gifts to charity in the last six months — another sign that the nation’s bad economy is starting to hurt charitable fund raising.
A California investment company said it interviewed 500 people who were 60 years old and found that 22 percent of them were giving less because of worries about the economy.
The donors interviewed by Bell Investment Advisors, in Oakland, all had investable assets of $1-million or more.
Other changes participants said they had made because of the poor economy: canceling, shortening, or postponing a vacation (21 percent), reducing retirement savings (18 percent), and postponing their retirement (11 percent).
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