Pope Leo XIV marked a special feast day on Sunday, traditionally used by the Catholic Church to encourage donations from its followers, with the Vatican launching a new campaign under the first American pope to help address the Holy See’s financial struggles.
During Mass at St. Peter’s Basilica for the Feast of Saints Peter and Paul, Leo thanked donors, describing their financial support as a symbol of unity with his early days as pope.
Around the world, churches hold Masses on July 29 that include a special collection for Peter’s Pence—a fund that supports the Catholic Church’s central administration and the pope’s charitable activities.
This year, the Vatican introduced a modern fundraising approach featuring a promotional video, posters, QR codes, and a website allowing donations via credit card, PayPal, bank transfers, and postal services. The effort reflects an American-style appeal, fitting for Leo’s Chicago roots, aimed at helping the Holy See cover its estimated 50 to 60 million euro deficit.
The video shows emotional moments from Leo’s early days as pope, including his first appearance on St. Peter’s balcony and receiving the fisherman’s ring. It urges donations to help the pope “proclaim the Gospel and extend a hand to those in need,” encouraging support for “the steps of Pope Leo XIV.”
At the end of his noon blessing, Leo echoed this message, calling Peter’s Pence a “sign of communion with the pope and participation in his Apostolic Ministry” and thanking donors for supporting his early leadership.
Peter’s Pence has faced criticism in recent years due to mismanagement of Vatican investments, including a scandal involving a failed London property deal. It was revealed that much of the fund’s money was used to cover budget gaps rather than papal charity work, contrary to what many parishioners believed.
Combined with the impact of the COVID-19 pandemic, which disrupted traditional collections, donations dropped to 43.5 million euros in 2022—the lowest since 1986. However, donations have since increased to 48.4 million euros in 2023 and nearly 54.3 million euros last year. Despite this, expenses continue to exceed income, with the fund spending 75.4 million euros in 2024 to fill budget shortfalls.
Additionally, the Vatican faces a pension fund deficit of about 1 billion euros, which Pope Francis warned before his passing would be unsustainable in the medium term.
Unlike countries, the Holy See doesn’t generate income through taxes or bonds but depends on donations, investments, and revenue from sources like the Vatican Museums and sales of stamps and publications.
The United States has traditionally been the largest donor to Peter’s Pence, contributing roughly a quarter of the total each year. Vatican officials hope that with new financial oversight and an American pope who studied math, donors will feel more confident their contributions are properly managed.
The Vatican’s economy ministry emphasized that supporting Peter’s Pence is a tangible way to assist the pope in his mission to serve the global Church, promote peace, and spread Christian charity.
