More than half of Canadian baby boomers, whose retirement nest eggs were hit by the financial crisis, gave less to charities this year, but plan to make up for it in the next five years, according to a BMO Bank of Montreal philanthropy report released Thursday.
About 82% of respondents said they plan to maintain or increase their level of giving in the next five years, with the majority of them saying they would regardless of the economic climate.
While donations fell, support for charities diversified. Almost a third of respondents who donated money said they either raised money or volunteered for a charity in the past 12 months.
In addition to donating during their lifetime, 21% of respondents over the age of 45 said they plan to leave money to a charitable organization as part of their estate plan.
So far, however, the bulk of baby boomer giving has been on impulse with 44% of respondents saying they give without any sort of plan or budget.
Many give in response to an immediate need. Over a third say donating to a charity is part of their overall financial plan, but only 1% involve a financial advisor.