Millionaire Mindset: Charitable Giving in Current Economy ...

What?s the current millionaire mindset on charitable giving? Learn how the economy has impacted philanthropy among millionaires.

The millionaire mindset toward charitable giving has changed significantly since the start of the financial crisis. How has the economy affected millionaires? attitudes towards philanthropy?

About 47 percent of Millionaires say they have increased their giving over the past four years, according to a survey of 1,400 investors conducted by Millionaire Corner in July, while 44 percent say they have cut back on charitable giving. Nine percent of millionaires, who have investable assets of $1 million or more, say they do not give to charity.

(Millionaire corner research shows that a significant share of high net worth investors is concerned with using their money to help others.)

Among investors who have increased their giving, the millionaire mindset appears confident, yet empathetic. More than 60 percent of Millionaires say they have increased their charitable giving because they ?can afford to.? These millionaires say their finances have not been significantly impacted by the recession.? Increased need has also inspired 48 percent of millionaires to give more. They cite the factor, ?Many charities are facing increased demand for services and decreased funding.? More than 18 percent cite the factor, ?I?ve become more empathetic to people in need.?

What?s had the biggest impact on the millionaire mindset among affluent investors who have cut back on their giving? More than 84 percent of millionaires cite the factor, ?I can?t afford to give as much. My discretionary income is down.? Less than 20 percent see an expanded role for government, not the private sector, and 18 percent cite the factor, ?Everyone needs to help themselves in a recession.?

While the recession appears to have made the millionaire mindset more open to giving, Millionaire Corner research shows it has limited the ability of Main Street Americans to give. In contrast to the millionaire mindset, 27 percent of individuals from households with less than $100,000 in investable assets have increased their giving, half have cut back and 23 percent do not give to charity.?

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Source: http://www.millionairecorner.com/article/millionaire-mindset-charitable-giving-current-economy

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