I hate the expression “give back to my community” because it implies that you took something.
In a survey of 555 millionaires, 59% said they agree or strongly agree with the statement, “I have an obligation to give back to my community.”
The eighth annual Wealth and Values Survey, entitled “Responsibility and Money: How the Wealthy View Their Role in Society,” was released today by PNC Wealth Management, a member of The PNC Financial Services Group, Inc. It showed the number of millionaires wanting to give back to their community hasn’t changed since 2008. Click here to read more details on the survey.
Despite a struggling economy, the number of millionaires concerned about their ability to give back has declined to 11% from 20%. Among those surveyed, 22% intend to cut back on charitable giving, 46% plan no change and 21 percent plan to increase their giving.
The number of millionaires who donated between $25,000 and $999,000 to charities was 24%, up from 12% in 2008. And 49% agreed with billionaire Warren Buffett’s statement that wealthy individuals should pay more in taxes and give more to charities.
“It is encouraging to see that millionaires, considering today’s economic headwinds, recognize a personal responsibility to give back,’” said R. Bruce Bickel, senior vice president of PNC Wealth Management.
The giving is laudable, even if it’s just for tax purposes or getting one’s name on a building. But why can’t they just say, “give”? Why do they have to say “give back?” Are the non-millionaires of the world missing something?