A survey revealed younger\u00a0millionaires feel a much stronger sense of giving than their older peers.<\/p>\n
If you were a millionaire, how would you use your money?<\/p>\n
Some young millionaires are trying impact investing\u2014which is putting money to use\u00a0with an eye not just on financial returns, but on bringing about social\u00a0or environmental change\u2014becoming a divisive topic among\u00a0different generations of wealth, according to a new report.<\/p>\n
A survey commissioned by RBC Wealth Management<\/a>, that reached\u00a01,051 individuals around the world with at least U.S. $1 million in assets, asked how strongly\u00a0respondents agreed or disagreed\u00a0with the statement:\u00a0\u201cI feel a personal responsibility\u00a0for my wealth to benefit broader society.\u201d<\/p>\n While only 8% of U.S. millionaires<\/a> 64 and older strongly agreed,\u00a0more than three times as many\u00a0Gen X and millennial millionaires did so: 27%. Only 9% of younger millionaires chose \u201cstrongly disagree,\u201d compared with\u00a021% of older millionaires.<\/p>\n Members of\u00a0Gen X and millennials\u00a0also seem to work harder to put their money where their mouths are. When asked how they worked charitable giving into wealth planning, 29% agreed with the statement that\u00a0\u201cI align my investments\u00a0with my giving goals (e.g., through impact investing),\u201d and 39% agreed that \u201cWhere relevant, my spending aligns with the causes important to me (e.g., buying sustainable products).\u201d<\/p>\n Just 12% of older millionaires chose the impact investing answer, and 32% said their spending is in line with the causes that matter to them.<\/p>\n Gen X and millennials also felt stronger about passing on their values to a younger generation, at 43% to the older generation\u2019s 25%. (That resonates with young\u00a0billionaires<\/a>\u00a0as well: Witness\u00a0the open letter<\/a>\u00a0Mark Zuckerberg\u00a0and Priscilla Chan wrote to their newborn daughter in 2015.)\u00a0Younger millionaires in the RBC survey also felt more strongly about passing wealth on to the next generation (28% to 12%).<\/p>\nThe young are putting their money in wealth planning<\/strong><\/h1>\n