PHILADELPHIA, Jan. 17, 2012 /PRNewswire/ -- America's
millionaires recognize that with their wealth comes responsibility
to help America through its challenges, according to survey
findings by PNC Wealth Management, a member of The PNC Financial
Services Group, Inc. (NYSE: PNC).
More than half of millionaires feel an obligation to "give back"
and few are concerned with their ability to give, according to the
eighth annual Wealth and Values Survey, entitled
"Responsibility and Money: How the Wealthy View Their
Role in Society."
Despite the continued trials of the U.S. economy since 2008, the
number of millionaires who believe "I have an obligation to give
back to my community" has remained stable. This year, 59 percent
agree or strongly agree, the same number as in 2008.
Meanwhile, the number of millionaires concerned about their
ability to give to charities has declined to 11 percent from 20
percent in 2008, according to the survey of 555 millionaires.
The survey also revealed that 22 percent intend to cut back on
the amount they give to charity, while 46 percent plan no change
and 21 percent plan to increase their giving.
The survey asked about billionaire Warren Buffett's call on wealthy individuals to
pay more in taxes as well as give more to charitable causes. Nearly
half, 49 percent, said they agreed with Buffett but did not believe
they "are in the same league" as he is, while more than one-fifth
(22 percent) agree that they are able to help in the way Buffett
suggests.
"It is encouraging to see that millionaires, considering today's
economic headwinds, recognize a personal responsibility to give
back to perpetuate the legacy of a 'cared for society,'" said
R. Bruce Bickel, senior vice
president of PNC Wealth Management. "While constantly
re-evaluating one's financial position to determine where, to whom
and how much one can give, the wealthy may be guided not by the
wallet, but by the heart."
In addition, 83 percent believe that "those who have attained
the kind of financial position I have" should continue to invest in
private business and industry as the most efficient engine of
societal improvement. At the same time, 70 percent believe they
bear a special responsibility in society to help the less fortunate
and 64 percent believe they should give substantial sums to
charities to improve society.
The survey also indicated a doubling in the number of those who
donated between $25,000 and $999,000
to charity in 2010. This year's survey showed 24 percent while in
2008 it was just 12 percent.
Other findings in the Wealth and Values Survey by PNC,
which is among the nation's top 10 bank-owned wealth management
firms, also revealed insights about the following issues:
- "If I were in charge...": There is little consensus
among millionaires as to how to improve the nation's economic
health. Almost one-third (31 percent) say that the single best idea
for a better economy is to "reduce taxes on individuals and
businesses," while 20 percent support raising taxes on wealthy
individuals. Other suggestions include: reduce the costs of Social
Security, Medicare and/or Medicaid (15 percent), reduce the defense
budget (15 percent), provide new economic stimulus by the
government (10 percent), or none of the above, 8 percent.
- Leave me alone: Sixty-four percent of millionaires say
they "want to be left alone by politicians" to enjoy their earned
wealth however they choose, and 80 percent view reinvestment as key
to improving society.
- Government issues: Despite the divergent opinions on
policy, millionaires are united in their perception of how the
government is functioning: three-quarters (76 percent) feel that
the U.S. government has serious flaws in how it's working and just
one percent say it's functioning well. However, 85 percent say the
U.S. political system has serious flaws while 47 percent believe
the U.S. financial system is flawed.
- A taxing issue: If taxes increase, nearly four in 10
millionaires would change their investment strategy and one in four
would reduce philanthropy. Thirteen percent would work less, seven
percent would work harder, while 41 percent would not change
anything.
- I'm doing well, but will my kids?: Almost three quarters
(71 percent) of millionaires believe they are "much better off
compared to parents at this same age." However, only 10 percent
believe their children will be better off when they reach the same
age.
An online media kit containing survey highlights and background
information are available on PNC's website at
http://www.pnc.com/pncpresskits.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of
the nation's largest diversified financial services organizations
providing retail and business banking; residential mortgage
banking; specialized services for corporations and government
entities, including corporate banking, real estate finance and
asset-based lending; wealth management and asset management. Follow
@PNCNews on Twitter for breaking news, updates and
announcements from PNC.
Survey Methodology
The Wealth and Values Survey was commissioned by PNC to
identify attitudes about wealth among high-net-worth individuals,
how it affects their lives and their needs in managing wealth.
Artemis Strategy Group conducted the online survey from
September 15 to October 11, 2011,
1097 interviews were completed nationally including 555
millionaires with assets of $1
million or more. Sampling error for 555 respondents is +/-
4.2% at the 95% confidence level. DISCLAIMER: This report was
prepared for general information purposes only and is not intended
as specific advice or recommendations. Any reliance upon this
information is solely and exclusively at your own risk.
The survey was designed and managed by HNW, Inc. (www.hnw.com),
a strategic marketing services firm focused on the high net worth
segment. The survey was supported by Artemis Strategy Group
(www.ArtemisSG.com), a communications strategy research firm
specializing in brand positioning and policy issues.
This report has been prepared for general informational purposes
only and is not intended as specific advice or recommendations.
Information has been gathered from third party sources and has not
been independently verified or accepted by The PNC Financial
Services Group, Inc. PNC makes no representations or warranties as
to the accuracy or completeness of the information, assumptions,
analyses or conclusions presented in the report. PNC cannot be held
responsible for any errors or misrepresentations contained in the
report or in the information gathered from third party sources. Any
reliance upon the information provided in the report is solely and
exclusively at your own risk.
CONTACT:
Alan Aldinger
(412) 768-3711
alan.aldinger@pnc.com
SOURCE PNC Wealth Management