Affluent parents rarely discuss topics related to philanthropy with their children and also have huge differences in opinion, according to a survey by Key Private Bank.
The study polled around 130 client-facing advisers of Key Private Bank.
Of the advisers polled, 82% said that “some” or “hardly any” clients discussed family philanthropy with the younger generation.
In this context, children (59%) were found to be more in favour of environmental/sustainability causes as opposed to parents (3%).
On the contrary, parents (73%) preferred religious-/faith-based causes over children (3%).
Over half of the advisers believed that lack of conversation leads to these generational differences over philanthropy strategy.
The study also revealed clients preferring local causes over national causes during philanthropy.
However, doing good in the world remains a focus, with 66% of advisers citing that clients are inspired to engage in philanthropy to make the world a better place.
Key Private Bank national director of family wealth legacy planning services Anne Marie Levin said: “Nearly half of advisers say the biggest mistake they’ve seen among clients is not factoring philanthropy into their overall estate and legacy plans.”
“There’s a clear opportunity for parents and children to overcome generational differences and work together to find common ground and set a family mission for giving. These conversations should centre how families can get on the same page.”