The majority of millionaires believe they are obligated to give to their communities, according to a new survey by PNC Wealth Management.
Nearly six in 10 millionaires feel they should give to charities
, while 49 percent said they agree with Warren Buffet’s statement that the wealthy should pay more in taxes and give more to charitable causes, the study said.
Meanwhile, 24 percent of respondents said they donated between $25,000 and $999,000 in 2010, up from 12 percent in 2008. More than one-fifth (21 percent) plan to increase their charitable spending
, while 46 percent plan no change and 22 percent expect to reduce the amount they give.
“It is encouraging to see that millionaires, considering today’s economic headwinds, recognize a personal responsibility to give back to perpetuate the legacy of a ‘cared-for society,’” said R. Bruce Bickel, senior vice president of PNC Wealth Management.
When asked for strategies to improve the U.S. economy, approximately one-third of respondents answered “reduce taxes on individuals and businesses,” while 20 percent recommended raising taxes on the wealthy
Three-quarters of those surveyed said there are serious flaws in the way the government works, while 85 percent said the U.S. political system is flawed and 47 percent said the financial system is flawed, according to the survey.