Philanthropic behaviours of wealthy young high-net-worth (HNW) Americans are similar to the wealthiest individuals and families in the country, according to a survey report by SEI.
The average survey respondent donated about 13% of their wealth to philanthropic causes every year, highlighted the report.
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In contrast, wealthy Americans below 40 years of age and with assets of $10m or more donated 27% of their wealth to such causes each year.
Nearly half (48%) of the respondents said that nothing about their donations kept them awake at night, while young wealthy and those with over $10m in assets contrasted with the majority.
However, 28% of ultra-HNW respondents and 26% of under 40 respondents cited that their donations kept them awake at night.
The top concern for both ultra-wealthy and young wealthy was that their donations had been wasted.
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By GlobalDataFurther, those under 40 years were most concerned about the social impact of their philanthropic giving, with 39% of these respondents considering social impact to be the preferred measure of results followed by family impact and financial impact.
Also, 37% of the wealthiest respondents held the view that social impact was the preferred measure of results, which w followed by family impact and financial impact.
SEI Private Wealth Management managing director Michael Farrell said: "Philanthropy at any level is generous. It also happens to be a priority for the majority of wealthy Americans. However, those under the age of 40 and those with the highest assets tend to give the most.
"Despite this being central to many wealthy families’ values, donating money also creates questions and anxiety. Is the donation making a difference? What impact does my check make on the charity’s beneficiaries? Without specific goals for giving, donations may not meet an individual’s expectations."
