The economic slump is already causing financially stretched middle-income Americans to curtail their charitable donations, but philanthropic giving by the wealthy is likely to remain strong – if not quite as generous – throughout the rest of the year.

The timing of big gifts could be affected, too, as most large donations tend to be driven by events such as the selling of a piece of appreciated real estate, or liquidating a family business – occasions that could be delayed by volatility in the stock market.