How charitable are tri-state residents? GoFundMe CEO reveals the answer
News 12 senior reporter Tara Rosenblum sat down with GoFundMe CEO Tim Cadogan to find out just how much people in New York, New Jersey and Connecticut are giving back and what causes they care about the most.
News 12 senior reporter Tara Rosenblum sat down with GoFundMe CEO Tim Cadogan to find out just how much people in New York, New Jersey and Connecticut are giving.
They also discussed what causes they care about most and why a new GoFundMe feature could change how people donate.
The good news is that people in the tri-state area are leading the nation when it comes to giving back. All three states are in the top 10 most generous states in America, which is measured per capita.
Another interesting fact: Cadogan says a member of Gen Z is 10 times more likely to share and support fundraisers than a person of the baby boomer generation.
"We've had 30 million donations on GoFundMe from the tri-state area, and we've had about $100 million just go to nonprofits," says Cadogan.
He explained what sets residents in the tri-state apart during the "giving season" and what causes people to show up for most.
"Medicals, memorials and emergencies are three categories everywhere. But here, community and animals are two of the big categories that stand out," he says.
GoFundMe is also rolling out something new to make giving even easier. "Giving Funds" is a charitable savings account that has tax benefits built in, but no fees.
"You can put in as little as $5…You can invest it in investment accounts that we charge no fees on. So, it can grow, and then you can, incredibly easily, give it to any nonprofit in America," says Cadogan. "Giving Funds gives everybody an ability to have this charitable savings account that we hope one day will become as common as the 401(k). "
Another perk is that people can donate whenever they want but still get the tax break now.
"When you put money into the Giving Fund, you get a tax deduction. So you could put in, say, $500 for next year, but you get the tax deduction for this year," he says.
Giving Funds will make its debut this holiday but could become the start of a new way to give back all year long.
