Did you know Americans donate $592 billion to charities every year? According to the World Giving Index that ranks the United States sixth in annual giving. With the holidays coming up, more charities will be looking for additional funding to round out their year. Many Americans find this to be the time of year when their giving is particularly helpful, especially during these tough economic times.

Many Americans give knowing their dollars will help charities provide needed services, but keeping the lights on at charities is also crucial. “Operational costs are increasing for US-based charities, while the number of individual donors is decreasing. Greater awareness is needed among donors (and especially within philanthropy) about the necessary costs of running nonprofit organizations committed to employee and volunteer wellbeing,” said Donnie Maclurcan, Ph.D. – Affiliate Professor, Southern Oregon University.

In addition to donating dollars nearly 76 million Americans spend 5 billion hours volunteering. This is equivalent to $167.2 billion dollars in service. In the spirit of the upcoming holiday season, WalletHub used 17 indicators to determine the most charitable states including volunteering and service hours, charitable giving, percentage of income donated, and share of states’ population donating time and money. Turns out Wyoming is the most charitable state and New Mexico is the least charitable. Where does your state stand on the charitable giving index?