In a recent survey published by US Bank entitled, “Insights on Wealth and Worth”, 711 people of ages 18+ with investable income of $3 million or more, shared how they feel and behave concerning their wealth. While the survey looked at a number of factors including how they came to their wealth, in which class did they grow up, investment behaviors and estate planning, the survey did also provide some very good insight into how charitable giving affects the very wealthy.
Nearly half of those surveyed cited giving money away to good causes as the most satisfying part of the lives. Within this group 70% of those 18-32 cited philanthropy as the best part of their wealth, while only 35% of those over 68 felt the same way. Most of the wealthy in this survey earned their own money (versus inheriting it) and 2/3 of the wealthy grew up in middle to lower class families. The survey also noted that people’s top reasons for giving are:
- About 80 percent cited “creating a positive impact on issues or causes while still alive.”
- About 54 percent listed “setting an example for family members.”
- About 38 percent cited “tax considerations such as estate or income taxes.”
- About 25 percent cited “the ability to define their legacy.”
The survey seems to point to the fact that the wealthy in America, despite these difficult economic times, want to make an impact with their wealth and garner great pleasure from doing so (especially those 18-32 ultra-wealthy).
Do these results cause you to think of how you might solicit your donors who fit this profile and look for ways to:
- Show the real and tangible impacts that your gift their gift has made
- Celebrate the donors’ joy of giving
- Create opportunities to teach philanthropic lessons to other family members,
- Create opportunities to build legacy?