With unemployment up, the stock market down and oil prices in freefall, money is on everyone’s minds these days—and the Church isn’t exempt. Last week, The Barna Group issued a stern warning about churches possibly losing several billion dollars in donations because of the economic downturn.

The report says that 68 percent of American families have been noticeably affected by financial setbacks, 22 percent in a major way.

During the past three months, one way people have adjusted to financial hardship is reducing charitable giving—20 percent of households have decreased donations to churches or other religious centers.

The study found that more than a third (35 percent) of churches have offered special talks about the financial situation and ways to respond to it. More than half (52 percent) have increased material assistance to congregants, such as food, clothing and other basics.

Given this bleak picture, George Barna encourages church leaders to embrace a new mindset for financial projections. He notes that a greater percentage of church members are expected to decrease giving levels and frequency over the next year.

"Even if a congregation continues to grow numerically, this is a not a good time to use dated financial projections and models," Barna says. "This is a time for church leaders to demonstrate restraint and wisdom in their financial decisions."

While I can’t fault Barna for this disconcerting forecast—the other day I learned an editor I used to work with was downsized from his latest job—I can’t help thinking of the importance of the Church avoiding panic mode.

An interesting contrast to the bleak giving scenario appears in the December issue of Christianity Today. In a cover story titled "Scrooge Lives! Why we’re not putting more in the offering plate," editor-at-large Rob Moll reviews the shocking lack of generosity among American Christians.

People who say their faith is important to them earn more than $2.5 trillion annually. According to the authors of a recent study on giving, if these Christians gave away 10 percent of their after-tax earnings, they would add another $46 billion to ministry around the world.

Yet, Moll says that figure is too small, estimating that believers in America could increase giving by $85.5 billion: "What Christians could do—if they managed their money in a way that gave priority to giving a portion away—is astounding."

A sermon on believers’ stinginess wouldn’t draw too many plaudits (it might even get you fired.) Yet, as churches finalize 2009 budgets and pastors contemplate whether to even preach on stewardship in January, it is worth remembering that God provides no matter what the Dow Jones average.

Churches that face lower giving may have to adjust their emphasis on giving, encouraging people to be generous with something everyone has: time. Whether nursing home residents, students in need of tutoring, or stressed-out caregivers, offering help to such folks won’t drain any church’s budget.

This can also be a good time for teaching generosity grounded in personal sacrifice. A good example is the church in California that is building an open-air amphitheater in order to save millions on construction costs. Those dollars will be given to missions.

Noting the pastor talked about the greater joy that comes from sacrifice, instead of giving from our excess, Galli concludes, "That greater joy comes from habitual, routine and generous giving…and forms our lives. It’s what teaches the giver to be cheerful."

As we contemplate the months ahead, it’s a lesson we would all do well to embrace.