Philanthropy is all about generosity and making a difference in communities that lack the means to do it themselves. Some individuals look at philanthropy in a bad light, seeing it only as a way for the rich to show off their wealth and show the world that they’re helping rather than to actually see real change. The truth of it is that philanthropists make an impact not only on the communities they choose to assist but also the world as a whole by way of making real economic change. Here are a few ways philanthropy drives economic development.

It Creates A Balance Between Society, Profit, And The Environment

Many nonprofit organizations are interested in finding something known as the “triple bottom line”, which entails finding a solution that balances profit, social good, and environmental concerns. Sustainability is a popular topic amongst philanthropists and business leaders, with many understanding that it’s the only way to foster economic growth without sacrificing the environment any more than it already has been. Social media platforms have been a great tool for getting socially-conscious groups and individuals into the same space, allowing them to network with other like-minded groups and engage with the public, getting individuals from all walks of life to donate to a cause.

It Promotes The Growth Of Places To Live And Work

A lot of successful entrepreneurs start from the bottom and work their way up, with many coming from hardworking and humble communities. They build a connection to communities like this and understand that giving back to them is vital for fostering economic development throughout the world. If someone wants to bring life back to a local economy, that place needs to be somewhere people want to both live, work and visit. Individuals can do this by giving back to cultural centers such as museums and urban parks. Philanthropy can enhance the lives of all people who live in a city, as opposed to tax breaks which only really attract mega-employers.

It Educates The Leaders And Innovators Of Tomorrow

Philanthropists have the unique opportunity to invest in the future of society. Education costs are higher today than they ever have been, and many donors have become partial to helping underserved communities by assisting them with getting a quality education, such as supporting schools for children. Philanthropists can also offer reskilling programs and job training that can help get youths and unemployed adults into our ever-increasing automated workforce. Instead of just giving disadvantaged groups a temporary bandage to their issues, philanthropy seeks to teach the skills they need in order to thrive.