19 Jun Growing sense of responsibility among young millionaires
A new survey of over one thousand high-net-worth individuals suggests a substantial lean towards feelings of societal responsibility and interest in impact investing among younger generations. The survey, commissioned by RBC Wealth Management, asked respondents a range of questions on topics such as how their wealth had been accumulated, their plans for spending or giving away their money, and the responsibilities of wealth.
On the latter, there was a notable divergence in the responses of millennials and members of Generation X in comparison to their older counterparts. The results showed that substantially more millennial and Generation X respondents feel a personal responsibility for their wealth to benefit broader society than those over the age of 64 (27% vs. 8%) and align their investments with their giving goals, such as through Impact Investing (29% vs. 12%).