Family and philanthropy come first for US High-Net-Worth in recent survey
High-Net-Worth individuals (NHWIs) in the US appear more concerned about their attitudes about giving to philanthropic causes than the possibility of a recession according to a recent survey.
Conducted by Wells Fargo Private Bank, the survey, The Wealth Lifecycle study, found that three-quarters (74%) of respondents said they are generous with their money, and the majority said that making a difference in the world (65%) and volunteering in their community (57%) are important to their overall happiness.
The survey said these individuals place "great importance on giving, volunteerism and caring for loved ones", and added that relationships beat money in importance. Fewer than one in three HNW individuals (29%) say "achieving considerable wealth" is very important or absolutely essential to their happiness. More significant contributors to happiness are "having a long-lasting committed relationship with a partner" (77%) and "socialising with friends" (46%).
With regards to financial responsibility 90% agreed that "everyone is responsible for their own financial security," and their most important financial activity is retirement planning, with 75% stating this was "absolutely essential" or "very important."