The 2025 Bank of America Study of Philanthropy comes out every two years and examines different strategies, motivations and giving styles for affluent households in the United States.
Philanthropic strategist at Bank of America Eric Weinheimer said this past year saw a shift in donor behavior.
"While the overall giving continues to grow, the percent of Americans who are giving to charity has remained flat at 49% since 2008," he said. "Affluent households are having an outsized influence on giving. They are giving more."
Weinheimer said more than 80% of these households are giving to charity across all demographics, including race, gender and age.
He said there are positives and negatives to these results.
"It's a good thing that we have more dollars being moved into the nonprofit space. That's excellent," he said. "But you really do want a high level of engagement. You do want participation from people from all socio economic backgrounds. I think that's really what creates a very strong civil society."
He said the results also have serious implications for nonprofits who rely on charitable giving to do their work.
"As the government funding scales back, there's going to be an even greater reliance on philanthropy from individuals," he said. "Now, they're not going to be able to make up the full gap of reduced government funding, but it is critical for nonprofits to receive these funds."