Rich vs. Poor - Who is the Most Charitable?

One would logically think that the people with the most money would be the ones to give the most to charity and/or be more generous with their giving, but is that the case? Not really. 

According to a new study done by the Chronicle of Philanthropy in the USA (by measuring charitable donations in different area codes), it turns out that lower-income people tend to donate a much bigger share of their discretionary incomes (the money left over after taxes and living expenses) than wealthier people do. 

The study found that "households with incomes of $50,000-$75,000 donate on average 7.6 percent of their discretionary income. That's compared with about 4 percent for those with incomes of $200,000 or more." 

I don't know about you, but I found those figures quite sobering. Why is it that the ones with the least amount of money are the ones who are the most generous? What is wrong with this picture? 

That being said, not all rich people are to blame for being tight with their generosity. The study also found that wealthy people who live in economically diverse neighbourhoods, or who are among those who aren't so rich, tend to give more than their counterparts who live in wealthier neighbourhoods. 

To read the rest of the study's findings, click here. 

What do you think about these findings, and have you noticed this trend in your own circles? 

Cayman has one of the highest standards of living on the planet, and is home to a lot of wealthy people. I wonder how charitable they are. For more information on living in Cayman, please visit our website at www.steppingstonescayman.com