Monday, October 21, 2019
News

Rich children consider parents' values more important than their wealth: Survey

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

San Francisco | Thursday, 2019 6:45:05 PM IST
More than 90 per cent of the children of millionaire families in the US want to inherit their parents' values more than their wealth, according to a survey.

More than 84 per cent of Generation Z and Millennial children of the rich families expressed their interest in sustaining and building on their family's legacy, Xinhua news agency quoted a report by San Francisco-based Wells Fargo Private Bank.

Generation Z refers to the group born from the mid-1990s to the early 2000s (aged 16-21), and the Millennial Generation (aged 22-26), which account for about a quarter of the US population.

The results of the national survey, which covered more than 1,000 American youth, show that more than 84 per cent of the respondents believe their family's charitable giving is aligned with their own values, while about 63 per cent report they are giving together as a family.

"These are the generations responsible for carrying on the family legacy, so it makes a big difference when families collaborate and communicate their shared values," said Katherine Dean from the Wells Fargo Private Bank.

More than 40 per cent of those children want to have a stronger voice in their family's charity efforts, while about one in three of them say they have their views heard by their parents when charity activities are involved.

The children from rich families with a net wealth of at least $1 million agreed that they are aware of their family wealth, but more than 90 per cent do not regularly meet to discuss family finances, according to the study.

"Families become more philanthropic through the generations, and we often see charitable giving as a way to get people together, talking more and getting on the same page," said Beth Renner from the Wells Fargo Private Bank.

The youth want to play a more active role in deciding how much and to whom their family gives, and the "shared interests can really bind a family together", Renner added.

--IANS mag/bg

( 347 Words)

2019-01-10-18:25:12 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE WORLD NEWS
4 dead over offensive Facebook post in B...
Australian papers black out front pages ...
Thailand pulling all stops to woo Indian...
Jordanian, Norwegian PMs hold talks to e...
Chile: Death toll in anti-govt protests ...
North Macedonia to hold early election i...
More...
 
INDIA WORLD ASIA
Inspire others to cast votes: Himachal C...
Sunni Waqf Board built strong case on ch...
Hope youngsters vote in large numbers: M...
7% voting in Haryana, 4% in Maharashtra ...
In UP, polling brisk in rural and slow i...
Report sought from Ernakulam collector a...
More...    
 
 Top Stories
Lam apologises after water cannon s... 
Ghani separately met Pelosi, Esper:... 
Former TDP Minister Adinarayana Red... 
'Decorum of court room was disturbe... 
Savarkar an accomplished man, says ... 
Ranchi Test: India tighten screws o... 
25.7% voting 11 a.m. in Odisha's Bi... 
Heavy rains affect polling in Keral...