Benefits of family giving

3 min read

Family giving benefits

The Benefits of Giving as a Family

True charitable giving is a pure act of kindness and a beautiful expression of compassion and generosity. When a family embodies these altruistic values, it unifies each member in a common sense of purpose. Coming together as a family unit, knowing your giving will positively impact other people's lives, is powerful and profoundly fulfilling. But what are some of the other benefits of family giving?

Giving good for the mind

It's good for you and your family's mental health.

At Mite we promote the idea of "the joy of giving". The basis of Mite’s inspiration is founded in this joy. But is it a real thing? A 2007 National Institute of Health brain imaging study put that idea to the test and found evidence that there may be a biological basis to the idea that it is "better to give than to receive".

The study found that the brain's pleasure centers activated as people donated part of a new stash of money to charity rather than keeping it all for themselves. When people give voluntarily, they experience more pleasure, social connection, and trust, where the brain releases endorphins in the pleasure centers. This phenomenon is also known as "the helper's high." Imagine the benefits of such a high in your family's dynamic. Every member experiences the joy of giving individually and contributing to a greater harmony collectively.

Giving good for body

Improves Physical Health too

Nothing is more distressing than having an ill family member. One way we can build physical resilience within ourselves and the rest of the family is by giving. Researchers have found that giving to others can lower blood pressure, protect your heart, reduce your risk of cardiovascular disease, and contribute to a stronger immune system.

So, giving more seems to be the secret to living a longer and healthier life. Getting your family involved in charitable giving will build their physical health and resilience and help you stay together longer. But remember, it's not always about giving financially. Acts of service can be just as valuable. Volunteering your time or skills can be very rewarding. Mite offers some rewarding volunteer opportunities- learn more.

Bonding family in giving

Giving as a Family Strengthens Bonds

Families who give together tend to be closer. Giving as a family forges bonds with both immediate and extended family members. Doing so can impart lessons in empathy, sharing, and understanding. Fidelity Charitable 2018 U.S.-based survey found that 81% of respondents who grew up with giving as a family tradition described their core family as very close.

The influence of generosity can extend beyond what you can achieve today because you provide a model to future generations. Research shows their parents' charitable actions can inspire children and are likely to give if it was part of their upbringing.

This is precisely what happened with one of Mite's donors. Bob, a longtime member of the Mite Giving Community, describes his experience like this, "I had no idea then how much this organization would inspire me and the people around me. First, my wife and I started giving. Then my kids, only beginning their young adult lives, now give to Mite, and their friends give as well. And it goes on and on." Giving as a family can also take a more formalized approach by focusing on priority areas. Such an approach can be managed by setting up a family foundation. This approach can enable you to achieve short and long-term charitable goals and build a family legacy.

Another giving vehicle is through donor-advised funds (DAF). You can set out with generosity as the initial goal and collectively decide which charities to give to and where you will experience the greatest impact. A DAF also provides the convenience of having a bank of family funds for giving when asked by friends or other family members, an avenue for efficiently scheduling giving to charities, and even a way to send charitable dollars to others.

Mite has a portfolio of charitable projects on different focus areas that may suit your family's priorities. Your family will witness your positive impact through our transparent feedback loop of infield insights and stories, showing the faces, places, communities and hearts your family touches!

When your family chooses to give, whether it's time, talent, or monetary resources, it's clear that the benefits of charity extend into most areas of life. Talk to us today to learn more about how Mite can support your family's giving journey.