Younger Affluent Americans Leading Charge Toward Socially Responsible Legacy
Younger affluent Americans are leading the charge toward the idea of leaving behind a socially responsible legacy, finds a study commissioned by RBC Wealth Management. Researchers found the definition of legacy is shifting from how much money you can make to how much of a difference you can make.
The survey polled high-net-worth individuals with at least $1 million in assets.
Younger respondents were more likely to say societal causes hold more weight than wealth accumulation in defining their legacy than older high-net-worth individuals, 64% compared with 38%. Half of younger affluent Americans plan to distribute their wealth through giving while they’re still alive, which is more than twice that of their older counterparts. The survey also found, 62% of younger high-net-worth individuals say they have a duty to transfer wealth to the next generation.