To prepare for future challenges in the giving landscape and create a future that we want to live in, we need to understand where the seeds of that future are in the present.
How will the giving landscape look like in the next 10 years? What causes will people focus on in the future, who are the untapped pool of givers, how will people give, and what are the key trends that will shift and shape the way people give and receive?
The Futures of Giving 2021 Report outlines the key trends that will impact the giving landscape to help us prepare for future challenges and shape the path towards a better future. We approached this by understanding where the seeds of that future are in the present with experts, stakeholders, and the general public. The key trends identified include:
- Shifting Demographic Dynamics: The giving landscape will be shaped by an ageing population, rising affluence, growing proportion of non and naturalised citizens, and the predominant role that millennials and Gen Z will play in society.
- Evolving Social Compact: Singapore’s prevailing social compact is facing new challenges amidst societal inequalities and divisions, an economic downturn, and more engaged citizens.
- Businesses as a Force for Good: As society is becoming more environmentally and socially conscious, more companies are moving towards focusing on the triple bottom line. This will lead to sustainability emerging at the forefront of businesses, a greater emphasis on employer welfare, and leadership looking to make an impact on the communities that their businesses operate in.
- People Sector Transformation: Social issues are evolving and getting more complex with a rise in social and health comorbidities, an ageing population, and rise in mental health issues. The people sector is evolving so as to meet the demand, signaled by the growth in funding sources, efforts to resolve manpower constraints, emerging players in the giving landscape, and large and proactive donors.
- Digital Acceleration: The wave of digitalisation that will impact the future of giving includes the popularity of digital giving platforms, the digital divide, proliferation of fakes news & misinformation, data-driven giving and service delivery, as well as technology advancements and AI displacing workers.
- Singapore Making a Global Impact: Prioritising sustainability will see Singapore position itself as a regional and global hub for sustainability-related research & development, while amplifying its philanthropic diplomacy can allow it to be a global giver and the ‘best for the world’.