The Surprising Link Between Giving and Longevity (Backed by Science)

Discover how acts of generosity, whether time, money, or support, can lower stress, boost health, and even extend your life.

If you’re focused on longevity[lon-jev-i-tee]nounLiving a long life; influenced by genetics, environment, and lifestyle.Learn MoreClose, there’s not one magic fix to help you live a long life. It’s a result of a healthy diet, consistent exercise, effective stress management, and restorative sleep. While these pillars of longevity play a role, there’s another surprising factor that could make you feel good and support a long, fulfilling life: the act of giving. 

Through giving, you’re not only helping others, you’re helping yourself. Research shows that giving can have a positive impact on your mental and physical health. Plus, some strategic moves may also provide a financial benefit.

How Giving Back Improves Health and Longevity 

Giving to others can benefit your longevity in several ways, including:

• Better mood. Giving can lead to higher levels of happiness and satisfaction. 
• Minimize stress. Helping others can help you manage and minimize stress, which could help you keep the cortisol[kawr-tuh-sawl]nounA hormone that helps manage stress, energy, and alertness.Learn MoreClose spikes at bay. 
• Reduce hypertension. A recent study showed that volunteering can reduce hypertension for those 50 and older. 
• Lower mortality risk. Research shows that older adults who engage in volunteering may live longer. 

Cut heart attack risk. A survey of adults 50 and older showed that volunteering a moderate number of hours slashes the risk of a heart attack by 46% compared to non-volunteers.

Volunteering and giving to others can provide a sense of purpose and community. Donating money can help you vote with your dollars and function as a helpful way to improve your money mindset and financial wellness.

The Mindset Shift: From Scarcity to Abundance Through Giving

It’s true that you need to put on your own oxygen mask first. That means making sure you can pay your bills, save for the future, and ensure you have enough financial resources to help you live a 100-year life. But if you have more than your basic needs met and are comfortable, giving can not only help others but also help you cultivate an abundance mindset. 

Depending on your upbringing and experiences, you may have what’s called a scarcity mindset. You might feel there’s never enough money and that there’s a limited amount of it going around. This can lead to penny-pinching, fear-based decisions, and stress around spending (even with necessary purchases). These behaviors and thought processes are the antithesis of financial wellness. 

Giving can be a powerful practice to cultivate an abundance mindset. In scarcity, your hands are clenched, holding tightly to what you have. In abundance, your hands are open and able to give to others, but also ready to receive. 

When you give, you know there’s more to go around. And remember, you don’t have to give large sums of money, either. It can be $5 or $10 here, $25 there, or more (based on your comfort level and resources). It doesn’t even have to be money; it can be your time and support.

The Financial Benefits of Giving: Tax Deductions, Wealth Mindset, and More

You might want to donate money out of the goodness of your heart and to support organizations that align with your values. But there are some added benefits as well. 

“Volunteering or charitable contributions can actually increase your life expectancy since it is one of the few stress reducers in our financial planning,” said Eric Croak, certified financial planner and president at Croak Capital. “I have had clients allocate $5k per year for this purpose and as a result, their overall financial plan is often more robust than those clients who are hoarding every penny they can find and stewing about it.” 

Additionally, making a qualified donation to an eligible 501(c)(3) nonprofit could be tax-deductible. That means your donation could reduce your taxable income and, in turn, potentially lower how much you owe in taxes. 

Pro tip: Just make sure to keep records of your donations and talk to a tax professional about any specifics. You can also use the Tax Exempt Organization Search Tool from the IRS to check an organization’s tax-exempt status. 

It’s not only cash you can donate, either. “If you have appreciated stock of $50k (perhaps from some unexpected capital gains income) consider a donation of the shares to charity,” said Croak. “There are two immediate benefits. First, you avoid the capital gains tax on the appreciation. In this case, you could be looking at a $10k tax bill that never needs to materialize. The second benefit is that the $50k of shares is more valuable to the charity than a $40k cash gift.”

Another savvy and strategic option is to look into setting up a donor-advised fund (DAF). “If you contribute $100k to a DAF, you get an immediate tax deduction and can “advise” the DAF as to when to actually make grants to charities over the course of years, or even decades,” said Croak.

The research shows that helping others and giving back can have a beneficial impact on your well-being and longevity. 

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