More than 90% of the Millenials who belong to a rich family want to inherit their family values from their parents more than their wealth, says a survey.
More than 84 percent of Generation Z and Millennial children of the rich families expressed their interest in sustaining and building on their family’s legacy, Xinhua news agency quoted a report by San Francisco-based Wells Fargo Private Bank.
‘During the study, they also found out that more than 84 percent of the participants believed their family’s charitable activities were aligned with their own values.’
Generation Z refers to the group born from the mid-1990s to the early 2000s (aged 16-21), and the Millennial Generation (aged 22-26), which account for about a quarter of the US population.
The results of the national survey, which covered more than 1,000 American youth, show that more than 84 percent of the respondents believe their family’s charitable giving is aligned with their own values, while about 63 percent report they are giving together as a family.
“These are the generations responsible for carrying on the family legacy, so it makes a big difference when families collaborate and communicate their shared values,” said Katherine Dean from the Wells Fargo Private Bank.
More than 40 percent of those children want to have a stronger voice in their family’s charity efforts, while about one in three of them say they have their views heard by their parents when charity activities are involved.
The children from rich families with a net wealth of at least $1 million agreed that they are aware of their family wealth, but more than 90 percent do not regularly meet to discuss family finances, according to the study.
“Families become more philanthropic through the generations, and we often see charitable giving as a way to get people together, talking more and getting on the same page,” said Beth Renner from the Wells Fargo Private Bank.
The youth want to play a more active role in deciding how much and to whom their family gives, and the “shared interests can really bind a family together,” Renner added.