A new Tel Aviv University study, the first of its kind, examined whether there is a connection between the rapid growth of investment in social investment funds and the decrease in donations to charitable organizations. The researchers studied the actual investment behavior of approximately 10,000 clients of an investment app, and found that investors switching to a recently introduced social fund reduced their donations, mainly in charities supporting causes similar to those of the social fund. However, the researchers also found that most of the investors in the social fund had not previously donated to charities, so, looking at the big picture, social funds entice more people to fund social causes.