Wealthy Americans give to charity to bring about positive change, but they likely would give more if they trusted the nonprofit sector, a new study says.
The WealthSurvey, conducted by the New York City-based Luxury Institute, canvassed more than 900 people with average household income of $330,000 and average net worth of $2.4 million.
About three in 10 respondents say they give to charity, and another one in four give now and also plan to give in their wills, the study says, while the remainder either plan to give soon, do not plan to give at all or have not yet decided.
Almost two in three wealthy people surveyed say their primary reason for giving to charity is to bring about changes in important areas, and more than half list compelling need as the second-most-important reason.
Two in three respondents say one of the reasons they do not donate is because they worry they will not have enough money for themselves or their families, the study says, but about three in 10 plan to donate once they “have enough to meet their needs.”
More than half say they refuse to donate because they don’t trust nonprofits.
More than one in three say they believe nonprofits are not wise stewards of donations, while a similar number believe nonprofits will use the donations wisely.