Barclays Wealth recently released a white paper exploring what factors encourage philanthropy amongst society’s wealthiest members. The findings show that despite coming from diverse cultural and social backgrounds, wealthy donors share the same motivations for giving: these motivations are firmly rooted in family, religion and a sense of social responsibility. It is also argued that once the rich have become charitable donors, what ensures continued giving is the amount of personal fulfilment attained from supporting the charitable cause (this fulfilment comes from seeing the impact of the investment).Conversely, what appears to prohibit charitable giving the most amongst this group is a personal fear of future financial insecurity. While researchers say this feeling of insecurity is unrelated to actual portfolios and instead rooted again in family and emotion, it is clear the recent financial crisis has left the wealthy feeling uncertain about the future. This uncertainty has most tangibly translated into a focus on the impact of giving and a distrust of charitable organisations (a recent Economist Report claims (53%) of the wealthy believe that charities are inefficient in managing donations).
To read more visit the Philanthropy UK website
