(03) 9020 2905MMMM. To be honest, I wouldn’t have said Gen Xers. So many Xers have kiddliwinks – our donating to charity is to try to raise them right.
Kids leach all our money, most of which does NOT qualify as a charitable tax deduction. They soak up all our time (occasionally even appreciating it). Cute and mostly fun, but time and money hoovers. Any spare after the tin lids have carved out their 17 pounds of flesh, largely gets sunk into our mortgages.
Xers getting the gold medal for donations? Thpppt!
Not so fast. While Australia topped the donations list in 2012, an earlier survey said those aged 45-54 were the most generous, which includes older Xers. (Hey, look hard enough and you can find a survey to back anything!)
Honestly, the wealthiest generations probably top the list – that’s Boomers and retirees. Xers will get there one day.
Being generous can be done with either your money or your time. Between kids and careers, finding either can be tough.
Find your cause. Something that tugs your heart, makes you cry, or has impacted on your inner circle.
No time? Open your wallet. If your wallet is drained, donate some butt-on-the-couch time.
Don’t forget – donating to many charities qualifies as a tax deduction. That means, if you make a $100 donation, you pay $66 and the government coughs up $34 (for average earners). Higher earners effectively pay less.
And charities are always looking for volunteers. Your time might be more valuable to them and will make you feel better for the activity.
Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.