Survey: Majority of wealthy people not cutting back on giving to nonprofits

Despite recent declines in company valuations, stock prices and real estate, high-net-worth individuals in the United States and United Kingdom continue to see philanthropy as a necessary expense and would sooner give up some of their comforts than cut back on their charitable giving, a new report from Barclays Wealth finds.

Based on a survey of 500 high-net-worth individuals in the two countries, the report, Tomorrow’s Philanthropist, found that 77 percent of respondents said they did not plan to reduce their level of giving in response to the current downturn.

And while high-net-worth individuals have scaled back their charitable donations by 2.2 percent overall, young donors are proving to be “contrarian givers” and have increased their giving by 3 percent to 4 percent.The report also found that one-third of wealthy parents said they believe their children will have a heightened sense of social responsibility and be more charitably inclined than they are.

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