TMG Financial Services announced an expansion of its ATIRAcredit card rewards program to empower charitable giving through points redemption.
Members of the Des Moines, Iowa-based CUSO's ATIRAcredit cards may designate redeemed points for up to three charities of their choice from a list of more than 1,000 major and local charities and causes.
"The way consumers view charitable giving is changing, particularly across generations. Our partners want to transcend generational differences by continuing to create initiatives that connect with cardmembers in meaningful ways," TMGFS Relationship Manager Brian Storey said.
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The giving impact of individuals correlates with the transformation in giving attitudes, TMGFS said in a release. Previous generations were motivated primarily by tax deductions. The nearly 80 million coming-of-age millennials spend their cash on causes – a pattern much different than their parents. The sense of giving out of obligation is waning, as younger donors choose to be emotionally invested in a cause, not just contribute capital.
"With more digital tools at their fingertips, millennials live in a more participatory world," Storey said. "Their exposure to issues across the globe has led them to take action in unimaginable and effective ways. The financial institutions that understand and enable that action will have a reputational leg up as they pursue relationships with this influential generation."
While a recent report indicated varying preferences in the charitable habits of Gen X, Gen Y, baby boomers and matures, there was a shared commonality among givers – the preference for multichannel giving opportunities.
Individual giving is on the rise in both current and inflation-adjusted dollars. According to Giving USA 2015, individuals make up the vast majority of contributions received by nonprofit organizations. In 2014, individual giving amounted to $258.51 billion, an increase of 5.7% in current dollars from 2013.
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