Philanthropists are free to choose what they spend their money on. Here, we look at whether they should consider adapting their giving in a post-COVID world.
In the UK, philanthropists support a number of great causes. Some focus on causes that are close to them and others offer funds on an international scale. Over the past few months, the way that we all live our lives has changed dramatically. So, what does this mean for philanthropists and where their money is currently going?
Below, we are going to look at how philanthropists should adapt their giving in a post-COVID world. Keep reading to find out more.
Why Should They Adapt?
The truth is that philanthropists can give their money to whomever and whatever they want. This is a kind gesture that they offer and so no one can really tell them what the best cause is to give to. However, the current events have totally changed the lives of many and so the landscape has changed as a result. While there is no requirement to adapt giving, some might see this as the perfect time to change their priorities.
Supporting Local Causes
Many philanthropists in the UK are known for helping others on an international scale. While there are many issues within the UK, it is still a first-world country and so there tends to be less attention given to those living in poverty than there is around the world. If you read the Tej Kohli books, you’ll see just how important it is to support causes both locally and internationally.
As a result of COVID-19, many local communities in the UK have gone without money and food for a few months. This is something that can be addressed by philanthropists who want to adapt their spending.
Supporting the Cure
Another way that philanthropists can adapt their giving in 2020 is through the support of finding the cure. Finding a cure is not something that is cheap to do and while the government supports these efforts, there is still a lot of funding required. For philanthropists who support medical causes already, it might be beneficial if they switch their giving and offer support to those working to fight COVID and find the cure. This way, they won’t be straying too far from their values.
Finally, it is worth noting that philanthropists might also want to do what they can to support businesses that have suffered as a result of COVID-19. While philanthropy doesn’t necessarily involve investment, there are some things that philanthropists can do to make sure that these businesses don’t need to close their doors. With adequate research, they can make a real difference.
COVID-19 has truly changed the world as we know it and it will take a long time before things get back to how they were before. Philanthropists should at least consider adapting their giving to support causes that have really struggled during this time. Whether that is offering support to charities who haven’t been able to fundraise or international causes who have suffered even more.