More than one in four, 28%, of wealthy Americans with at least $500,000 in investable assets and annual incomes of $150,000 or more have or plan to cut back on charitable giving due to the economic climate, PNC Financial Services [PNC] found in a survey of 1,046 affluent adults. And only 13% have increased or plan to increase their giving.
“The economy has forced a fundamental shift in how the wealthy approach their philanthropic activities,” said Bruce Bickel, senior vice president of PNC Wealth Management and head of private foundation management services. “In many cases, they are purposely becoming more mission-driven and governed less by emotion.”
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access