America’s “giving gene” remains very much intact. Ninety-one percent of millionaires have donated money or time within the last year. Everybody gives. But we don’t all feel the same about it.
- Most millionaires give without much foresight. They respond to requests. As a result of this “checkbook philanthropy,” only 20% rate their efforts as highly effective.
- Yet, planning improves confidence and satisfaction by almost 50%.
- Satisfaction with giving shoots up when millionaires donate time, especially if they volunteer with friends and family.
- Generations give differently. Boomers support traditional institutions, e.g., religious organizations and the arts. Millennials support causes with practical outcomes, such as fighting diseases and kids’ programs.
Can you give better?
Talk to your UBS Financial Advisor to learn how you can take a planned approach to your philanthropy.