Affluent parents rarely discuss topics related to philanthropy with their children and also have huge differences in opinion, according to a survey by Key Private Bank.
The study polled around 130 client-facing advisers of Key Private Bank.
Of the advisers polled, 82% said that “some” or “hardly any” clients discussed family philanthropy with the younger generation.
In this context, children (59%) were found to be more in favour of environmental/sustainability causes as opposed to parents (3%).
On the contrary, parents (73%) preferred religious-/faith-based causes over children (3%).
Over half of the advisers believed that lack of conversation leads to these generational differences over philanthropy strategy.
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By GlobalDataThe study also revealed clients preferring local causes over national causes during philanthropy.
However, doing good in the world remains a focus, with 66% of advisers citing that clients are inspired to engage in philanthropy to make the world a better place.
Key Private Bank national director of family wealth legacy planning services Anne Marie Levin said: “Nearly half of advisers say the biggest mistake they’ve seen among clients is not factoring philanthropy into their overall estate and legacy plans.”
“There’s a clear opportunity for parents and children to overcome generational differences and work together to find common ground and set a family mission for giving. These conversations should centre how families can get on the same page.”
