SCOTTSDALE, AZ--(Marketwired - Nov 14, 2013) -
- Fifty-three percent of high-net-worth Arizonans primarily give to local community programs and charities, 17 percent more than the national average
- Thirty-eight percent give more to charity than they did before the 2008 recession
- Affluent Arizonans plan to donate an average of $5,500 this year
A new study by BMO Private Bank to mark National Philanthropy Day has revealed that high-net-worth individuals in Arizona are more likely than other Americans to favor local community programs and charities to national ones. More than half of the state's wealthy (53 percent) support programs at the local level compared to 36 percent of affluent Americans nationally who reported the same.
The study is the third in a series by BMO Private Bank examining trends among high-net-worth Americans (those with investible assets of $1 million or more). The study also found:
- Affluent Arizonians preferred causes to support include education programs (45 percent), children's charities (38 percent), health programs and disease research (38 percent), the arts (33 percent), religious institutions (33 percent) and animal welfare (30 percent).
- Thirty-eight percent have increased their charitable giving since the 2008 recess ion.
- Affluent Arizonans will be donating an average of $5,500 to charitable causes in 2013.
- On average, Arizonans plan to donate 3.5 percent of their estates to charitable causes in their wills.
"It's promising that so many Arizonans support local programs, especially since a large portion of residents have moved here from other states," said Patricia Stalzer, Regional Director, Western U.S., BMO Private Bank. "Hopefully this is a sign that more individuals and families are quickly becoming part of our local community and culture."
Key National Findings:
On a national level, the study found:
- Almost half (49 percent) give to religious institutions while 46 percent donate to health programs and disease research. Other popular causes include local community programs (36 percent), children's charities (31 percent), the arts (28 percent) and education programs and animal welfare (27 percent each).
- Almost all (94 percent) expect to make charitable contributions this year, with an average donation amount of $8,845.
- Half (48 percent) of high-net-worth Americans are donating more to charities than they did before the 2008 recession. Forty-one percent reported that they are donating the same amount and only 11 percent are donating less.
- Affluent Americans plan on leaving, on average, 7 percent of their estates to charitable causes in their wills.
Stalzer added, "Most people tend to support charitable causes in an unstructured manner. A financial professional can help you define a strategic approach to philanthropy, enabling you to maximize your impact and coordinate efforts with your overall financial plan. A strategy ca n help you leave a legacy for your community and future generations."
About BMO Private Bank, a Part of BMO Financial Group
BMO Private Bank offers a comprehensive range of wealth management services that include investment advisory, trust, banking and financial planning to meet the financial needs of high net worth clients. Through integrated teams of experienced financial professionals, BMO Private Bank helps its clients realize their financial and lifestyle goals with solutions that are custom tailored and delivered with the highest level of personalized service.
BMO Private Bank is a brand name used in the United States by BMO Harris Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.
The online survey was conducted by Pollara between March 28th and April 11th, 2013 with a sample of 482 American adults who have $1M+ in investable assets (including a sub-sample of 40 Arizona residents). The margin of error for a probability sample of this size is ± 4.5%, 19 times out of 20.