Study finds North Americans prefer to give to local causes
December 27, 2012
High-wealth individuals in North America are more likely to give to charitable causes where they live, according to a recently released Wealth Through the Prism of Culture and Mobility
study by RBC Wealth Management and The Economist Intelligence Unit.
"Our experience working with high net worth clients around the world shows that their success is often strongly influenced by a global perspective about building, protecting and ultimately transferring wealth to future generations," said George Lewis, group head of RBC Wealth Management and Insurance.
Three-quarters of North American residents said they prefer to give money to local causes. This was countered by residents in the Asia-Pacific region, who were more apt to give back to charities in their birth countries, the study found. Giving was also found to be culturally driven, with 29 percent of North American millionaires planning to leave a significant portion of their assets to charities, while giving their families enough to live comfortably. However, 11 percent of internationally mobile wealthy individuals planned to do the same.
Individuals, foundations and organizations that provide funding to various causes might benefit from nonprofit accounting
software, which can help board members audit funds and make sure the correct amounts are being distributed to various programs each year.