Wealthy people are now donating less for charitable purposes, although they still feel an obligation towards such social work, a survey has revealed.
According to the survey by PNC Wealth Management, the wealthy still feel an obligation to give to charity. Those feelings, however, are not translating into dollars, The Wall Street Journal reported.
The survey was conducted among people having minimum investable assets of $500,000. It revealed that almost a third of respondents having at least $5 million for investing made gifts between $25,000 and $100,000 -- compared with 18 per cent giving at that level in 2007.
While 55 per cent of respondents having investable assets of $500,000 agreed with the statement that they "feel an obligation to give back to their community." This figure remained unchanged from the 2007 level.
Interestingly, the results vary little by wealth level.
The survey said about half of those with $500,000 to $1 million in investable assets felt obliged to give, roughly the same amount of money for charity as among those with $5 million or more.
The survey has also revealed that the recession has not dampened the charitable impulses of the wealthy. But, it has reduced their levels of giving, especially at the top end.
"The economy has forced a fundamental shift in how the wealthy approach their philanthropic activities," PNC Wealth Management senior vice president Bruce Bickel said.
