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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.”
