August 19, 2004 | Read Time: 1 minute
Philanthropy may be on the brink of a golden age on both sides of the Atlantic, according to a special report in The Economist (July 31-August 6). “Years of accumulated wealth — in America and in Europe — are about to change hands, as the post-war generation dies off.”
“For the first time in history,” says Paul Schervish, director of the Center on Wealth and Philanthropy at Boston College, “more and more people have more money than they want to leave to their kids.” As a result, says the magazine, philanthropy is likely to benefit.
While Americans have long promoted charitable giving, the magazine says, Europeans are increasingly placing higher value on it.
In England, for example, the government has been undertaking a three-year campaign to increase giving and offer donors more-generous tax breaks for their donations. While Europeans previously were “more likely to see private philanthropy as complementary to state action,” the magazine says, “now attitudes are changing.”
Philanthropy has become more important as Europeans worry that the welfare state won’t be able to take care of the growing number of elderly people who need care.
However, even as efforts to encourage giving are taking off in Europe, some charities aren’t prepared to handle interest from donors, the magazine says.
“In one ghastly case, a would-be donor (with an instantly recognizable name) rang a charity to ask whether he could visit,” the magazine says. “He was told firmly that he could not, but he was welcome to send a check.”
The article is available online at http://www.economist.com.
