Wealth and values survey: the affluent and philanthropy (2010)
This sixth annual PNC Wealth Management survey of 1,046 affluent Americans, all of whom had at least $500,000 in investable assets, revealed that despite the recession, the sense of giving has not dropped significantly from previous years, when times were better.
More than half (55%) said ‘I have an obligation to give back financially to my community,’ roughly the same as in 2008 (58%) and almost identical to 2006 and 2007 when 54% answered positively. At the same time, the recession has created concern among the wealthy about their ability to continue to give as they have in the past.
More than one-quarter (28 percent) said they had already or planned to cut back the total amount of charitable giving in response to the economic climate. This compares to just 13 percent who say they have increased, or plan to increase, their giving.
About one quarter (24 percent) of the ultra wealthy ($5 million or more in investable assets) are concerned with their ability to give to charities, compared to 16 percent of those with $500,000 to $1 million in assets.