America’s most wealthy more concerned about giving that recession
A survey by one US private bank says HNWIs are concerned about giving, but no mention of concerns about the possibility of a full-scale recession in their country.
High net worth individuals in America appear more concerned about their attitudes about giving to philanthropic causes than the possibility of a US recession, if you believe the findings of a recent Wells Fargo Private Bank survey.
The survey said HNWs place "great importance on giving, volunteerism and caring for loved ones".
The Wealth Lifecycle study found that three-quarters (74 per cent) of respondents indicated that they are generous with their money, and the majority said that making a difference in the world (65 per cent) and volunteering in their community (57 per cent) are important to their overall happiness.
The survey added that relationships trumps money in importance. Fewer than one in three HNWI individuals (29 per cent) say "achieving considerable wealth" is very important or absolutely essential to their happiness. Far more important contributors to happiness are "having a long-lasting committed relationship with a partner (77 per cent)" and "socializing with friends (46 per cent)."
Most HNWI individuals are big believers in personal financial responsibility, said the survey. And 90 per cent agree that "everyone is responsible for their own financial security," and it is no surprise that retirement planning is their most important financial activity, as 75 per cent say this is "absolutely essential" or "very important."
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