Generations in Rich Families Take Dim View of Each Other’s Giving, Survey FInds

Title: “2017 U.S. Trust Insights on Wealth and Worth”

Organization: U.S. Trust, Bank of America Private Wealth Management

Summary: Three-quarters of wealthy American families give to charity and 69 percent volunteer, yet family members feel they don’t share the same commitment to improving the world across generational lines, according to a new study from U.S. Trust.

Younger family members approach giving differently than do their older relatives and may not hold the same priorities, the private bank found in a survey of 808 families with investable assets of $3 million or more.

Among the findings:

•  Compared to older generations, twice as many millennials say they give by investing in businesses that support causes and issues that are important to them.
•  Millennials are three times more likely than their elders to view their jobs or the businesses they create as their way of giving back.
•  About one in three baby boomers and older parents do not believe their children hold the same commitment to charitable giving, and seven in 10 millennials think their parents are not as committed to giving back as are they.
•  Sixty-one percent of respondents say they support similar causes and nonprofits as their families, but almost 50 percent say they support those causes and organizations in different ways.