Financial sector still gives more to charity than other industries

first_img The financial sector still gives far more to charity than any other industry sector, according to the Directory of Social Change’s first Company Giving Almanac. Research for the Almanac examined a sample of over 400 companies which support UK charities, and the DSC claims it “provides the most comprehensive picture of company giving to charitable causes in the UK to date”.Despite the financial crisis, the financial sector gives £245 million in cash, or £319 million including in-kind donations. The total provided by all companies in the UK is in the region of £700 to £800 million, so financial institutions provide nearly half of all corporate donations. Advertisement Even within the financial sector, one bank dominates charitable giving: the part-publicly owned Lloyds Banking Group provides 25% of all the giving from the financial services sector. One per cent?Despite the scale of their giving, financial sector companies still give only 0.7% of their pre-tax profits, short of the 1% standard that was advocated as a benchmark some years ago.Overall, the companies analysed in the Almanac managed to give only 0.4% of their company pre-tax profits to charity, including in-kind donations, or 0.3% if you consider only cash donations.Author Dr Catherine Walker said: “The fallout from the financial crash continues, with more scandals shredding the reputation and integrity of the financial sector. Ironically, these same institutions give more to charity than corporate counterparts in other industries.”Clearly bankers and financiers need not just to re-establish moral values within their business culture but to shout about it too. They could give more to social causes, but other businesses sectors should look at the example set by the banks and financial institutions in terms of charitable giving and take note.”The Company Giving Almanac can be downloaded for free from the DSC.Great GivingThe DSC is using the research findings to step up its campaign for Great Giving, which aims to achieve better funding relationships between charities and their funders. “We think companies can give more, more companies can give, and companies can be better givers”, says the DSC. Howard Lake | 26 June 2013 | News Financial sector still gives more to charity than other industries AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis4  64 total views,  3 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis4 About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more