The children from rich families with a net wealth of at least $1m agreed that they are aware of their family wealth, but more than 90 per cent do not regularly meet to discuss family finances, according to the study. (Reuters/Eddie Keogh)
SAN FRANCISCO: More than 90% of the children of millionaire families in the US want to inherit their parents’ values more than their wealth, according to a survey.
More than 84% of Generation Z and Millennial children of the rich families expressed their interest in sustaining and building on their family’s legacy, Xinhua news agency quoted a report by San Francisco-based Wells Fargo Private Bank.
Generation Z refers to the group born from the mid-1990s to the early 2000s (aged 16 to 21), and the Millennial Generation (aged 22 to 26), which account for about a quarter of the US population.
The results of the national survey, which covered more than 1,000 American youth, show that more than 84% of the respondents believe their family’s charitable giving is aligned with their own values, while about 63 per cent report they are giving together as a family.
“These are the generations responsible for carrying on the family legacy, so it makes a big difference when families collaborate and communicate their shared values,” said Katherine Dean from the Wells Fargo Private Bank.
More than 40% of those children want to have a stronger voice in their family’s charity efforts, while about one in three of them say they have their views heard by their parents when charity activities are involved.
The children from rich families with a net wealth of at least $1m agreed that they are aware of their family wealth, but more than 90 per cent do not regularly meet to discuss family finances, according to the study.
