The 2025 Bank of America Study of Philanthropy, produced with the Indiana University Lilly Family School of Philanthropy, offers an up-to-date look at how affluent Americans are giving, volunteering, and thinking about impact.
The headline is clear: Generosity remains strong, but the landscape is changing. Fewer affluent households are giving—down to 81% from 91% a decade ago—but those who do are giving more strategically and with greater intention. For nonprofits, that means the competition for donor attention is more intense, and the expectations for engagement, transparency, and impact are higher than ever.
At BWF, we see these findings as both a challenge and an opportunity. The donors are out there, and they’re deeply motivated to give. The question is how to meet them where they are—and how to build the strategies, tools, and experiences that inspire lasting investment.
Donors are Motivated by Values, Not Just Causes
The study found that personal values and beliefs drive 68% of giving decisions, and nearly 90% of donors find their giving personally fulfilling. This tells us that philanthropy is deeply emotional—it’s about identity, legacy, and meaning, not just money.
BWF helps organizations turn this insight into action through messaging and engagement strategies that connect a donor’s values to an institution’s mission. Whether that’s refining your case for support, developing a brand narrative that resonates with purpose-driven donors, or designing stewardship experiences that reinforce impact and gratitude, our team works with you to make every donor interaction feel authentic and personal.
Volunteers are Gateways to Major Donors
Volunteering has made a strong comeback—43% of affluent Americans now volunteer, and volunteers give two and a half times more than non-volunteers. That’s a clear signal that volunteer engagement isn’t just about community service, it’s a powerful on-ramp to philanthropy.
BWF partners with clients to map and integrate engagement pathways—helping you identify how volunteers can move naturally toward giving. We help design programs that match volunteers’ professional skills with organizational needs, creating experiences that deepen commitment and build trust. This kind of intentional pipeline development turns today’s volunteers into tomorrow’s major donors.
Strategic Giving is the New Normal
Affluent donors are more sophisticated than ever. Nearly one in four now give through donor-advised funds, family foundations, or other structured vehicles, and the most engaged donors are actively measuring the results of their giving. These “expert donors” expect transparency, efficiency, and evidence of impact.
BWF supports organizations in building the infrastructure and partnerships needed for complex giving. We help advancement teams develop strategies for working with donor-advised funds, create cases that appeal to family foundations, and design impact dashboards that communicate results clearly. From gift planning readiness assessments to data-informed fundraising strategies, our services ensure your organization can meet the expectations of today’s strategic philanthropist.
Engaging Families and the Next Generation
Nearly half of affluent couples make charitable decisions together, but only 13% involve their children or grandchildren. With trillions of dollars set to transfer to the next generation, this is an opportunity nonprofits can’t afford to overlook.
At BWF, we help clients build multigenerational engagement strategies—from family giving programs to campaigns that speak to millennial and Gen Z values. We know how to craft experiences that make giving a shared family conversation and how to help younger donors connect their social consciousness and desire for measurable change to your mission.
Tailoring Strategies to Donor Segments
The study also reminds us that not all affluent donors are alike. Households with more than $5 million in assets are giving at higher rates and in larger amounts, while participation among households with less than $1 million is slipping. That makes segmentation and personalization essential.
BWF helps organizations use data to understand where their best opportunities lie—and how to tailor cultivation, solicitation, and stewardship strategies for each donor tier. Whether it’s designing a major gifts strategy for top-tier donors or building scalable mid-level programs to re-engage those on the margins, we help you focus resources where they’ll have the greatest return.
Turning Insights into Action
The 2025 Bank of America Study of Philanthropy makes one thing clear: Affluent donors are more values-driven, more data-conscious, and more selective than ever before. To thrive in this environment, nonprofits must:
- Align their messaging with donor values and demonstrate measurable results.
- Create engagement experiences that build emotional connection and purpose.
- Build capacity to manage complex gifts and relationships with financial intermediaries.
- Strengthen volunteer and family engagement programs.
- Use data to segment, prioritize, and personalize outreach.
BWF helps organizations translate these insights into actionable fundraising strategies—combining data analytics, strategic counsel, and hands-on implementation to elevate results. The generosity is out there. The key is building the right strategy, message, and systems to inspire it.
