Donations from the faithful to Peter’s Pence decreased by as much as 15% in 2021. The fund, which the Vatican relies on to support many of its charitable efforts, has continued on a downward trend that began in 2015.
Fr. Juan A. Guerrero, S.J., prefect of the Secretariat for the Economy, discussed the situation in a January 28 interview with Vatican News. The Jesuit revealed a serious decrease in donations from about $49 million in 2020 to approximately $44 million in 2021. He was quick to note that this decrease of about 15% comes in addition to the 18% decrease in 2020 and the troubling 23% drop between 2015 and 2019.
Deficit
Due in part to declining donations, Fr. Guerrero explained that the Vatican is running at a deficit. In 2021, the Vatican’s expenditures ran over its earnings by about $47 million. The red in the finance books may be slowly fading to black, however, as he suggested that 2022’s deficit should be about $10 million less. Fr. Guerrero said:
Factors at work
One of the primary factors Fr. Guerrero cited to explain the downward trend of Peter’s Pence donations was the world pandemic. With fewer faithful in the pews, it’s harder to fill the collection plates. Another factor at work is the expansion of the Vatican’s “mission budget,” which sends funds to Church-run facilities, like mission hospitals and sanctuaries. This year it added another 30 such entities, bringing the total to 90.
Another aspect that Fr. Guerrero is closely monitoring is the London property at the heart of the recent financial scandal. The property is now being sold off and the proceeds will help cover the deficit.
Solutions
Fr. Guerrero made it clear that this is not a problem that can be solved by cutting costs, but by finding new means of donations and revenue. He suggested that the first step in this direction would be to more transparent with the faithful on the topic of the Vatican’s budget. Additionally, the Vatican should be more forthright with the inflow and outflow of Peter’s Pence.
Fr. Guerrero said of possible solutions:
Peter’s Pence
Peter’s Pence is a fund made up of donations from the faithful to the pope and his charities. It is a practice that developed in medieval England and spread throughout Europe. The modern iteration was formalized by Pope Pius IX in 1871 to provide financial support to the Holy See. Today, it remains as a primary source of funds for the pope’s philanthropic endeavors.
