American women see wealth as a conduit for change

 

Younger women in the U.S. align wealth management with social causes

  • U.S. Millennials / Generation X women
  • U.S. Baby Boomers / Silent Generation women

Younger1 U.S. high-net-worth individuals (HNWIs) are more often:

Aligning spending with the causes they care about:
33% 43%
Aligning investments with giving goals:
17% 19%
Considering impact investing to be a form of giving:
58% 38%

Family comes first for giving

  • U.S. Millennials / Generation X women
  • U.S. Baby Boomers / Silent Generation women

Most cited recipients of wealth:

Children
38% 59%
Giving organization other than my own (eg, foundation, endowment)
14% 4%
Spouse/partner
23% 20%
My own giving organization (eg, foundation, endowment)
1% 0%
Extended family
11% 7%
My community
2% 2%
Siblings
2% 2%
I plan to spend my wealth myself during my lifetime
2% 2%

Wealth means more than money

  • High-net-worth individuals (HNWIs)
  • U.S. Millennials / Generation X
  • U.S. Baby Boomers / Silent Generation

Twice as many younger U.S. HNWIs as older2 ones cite the ability to create change through giving as a top definition of wealth.

Just over half of younger U.S. HNWIs think the ability to create change through charitable giving has become more important in defining wealth.

34% 53%

Favored charitable causes vary by generation

Of those who primarily give to charities:

Younger U.S. HNWIs most often favor:

Animal rights/welfare
Health/healthcare
Diversity & inclusion
Environment & nature
Human rights

Older U.S. HNWIs most often favor:

Education
Environment & nature
Health/healthcare
Poverty reduction
Religious or spiritual causes

Younger U.S. women want to help society during their lifetimes

Younger HNW women in the U.S. more often say societal causes have become more important than wealth accumulation in defining a legacy.

U.S. Millennials / Gen X women
63%
U.S. Baby Boomers / Silent Gen women
40%

And more younger HNW women in the U.S. plan to distribute their wealth mostly while still alive:

U.S. Millennials / Gen X women
44%
U.S. Baby Boomers / Silent Gen women
16%

Footnotes:
  1. “Younger” is defined as people in Generation X or the Millennial generation, born between 1965 and 2000.
  2. “Older” is defined as Baby Boomers or people in the Silent Generation, born in 1964 or earlier.

Data based on an Economist Intelligence Unit survey conducted from March to May 2018.
The research, commissioned by RBC Wealth Management, surveyed 1,051 HNWIs across Asia, Canada, the UK and U.S.
The survey included 365 respondents in the U.S. with at least US$1 million in investable assets.

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© The Economist Intelligence Unit Limited 2018

Produced by:
The Economist Intelligence Unit

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