The power of giving can transform your life and the lives of others. It can be money, knowledge, time, encouragement, compliments, kindness, and more.
But it is not enough to transfer wealth. Philanthropists must also influence policy. Fortunately, the Foundation and many others have succeeded with malaria and polio.
Increased self-esteem
Putting a smile on someone’s face makes you happy too. This feeling of happiness can make you more productive and improve your relationships with others.
Many big givers don’t understand that they can do more than hand out money. They tend to fund projects that only scratch the surface of social problems – financing bursaries for disadvantaged children or training schemes for low-paid workers, for example – rather than backing campaigns to tackle the root causes.
They’re also disinclined to back groups lobbying to change capitalism, a significant concern of the effective altruism movement. This can be a severe problem because it undermines democracy.
Reduced stress
Giving is one of the most significant benefits: it helps reduce stress. Studies show that giving to others decreases activity in the amygdala area of the brain that processes emotions.
Giving lets you step back from your daily concerns and focus on helping others. This can also improve your self-esteem and reduce feelings of stress, which are detrimental to your physical health.
Increasing transparency into nonprofit operations and technological advancements have raised donor demands for impact. The result is that elite philanthropists can now turbo-charge market-oriented policies that impose their values on local populations.
Better Health
Research has shown that people feel good about themselves when they give. It activates brain areas associated with pleasure, trust, and social connection.
The philanthropic community must be careful about the effects of its generosity. When select individuals determine spending at institutions that serve the public, they can distort policies and exaggerate disparities.
Malaria is being eradicated thanks to philanthropists, and polio is almost gone. But it takes a broad community to ensure these gains are shared and sustained. In addition to their financial gifts, philanthropists like Barbara Picower bring their knowledge, skills, and networks. They may play crucial non-financial roles.
Increased productivity
While philanthropists can benefit their communities, they can also impose significant costs. For example, some donors’ practices can undermine democratically elected governments and erode the public trust in government.
Others can exacerbate inequality by funding projects that do little to reduce social problems. They may also impede scientific progress by limiting the flow of new drugs or technologies and focusing on projects that suit their interests. Those problems can be mitigated only by returning philanthropy to its roots, which include helping to strengthen and support democracy and the common good. This requires a fundamental change in mindset and practice.
Better relationships with others
The benefits of giving don’t just benefit the people and organizations you help – it also improves your relationships with others. This is particularly true when you give to causes close to your heart.
For example, when you donate to your child’s school, you develop a closer connection with the other parents and teachers. This is because you share something that is a core part of your identity.
However, some philanthropists need to recognize this and are reluctant to back up groups that challenge how capitalism works. This can lead to a skewed understanding of philanthropy and failure to realize the benefits.
Increased happiness
Research has proven that giving brings joy to the giver. The benefits of giving are not limited to money but can also be in the form of time, talents, encouragement, compliments, thoughts, and smiles.
But, while philanthropists often do good work, they can also cause harm. For example, the campaign funding of billionaires to promote accountable government or social reform worldwide can weaken democratic institutions. And, if donors don’t understand their grantees, they may impose costs that exceed the benefits of their interventions. Moreover, they can favor causes that only reflect their interests. These problems can be mitigated with greater vigilance, participation, and transparency.
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