PNC Study Just Out
Check out what the super savvy guys at PNC Advisors discovered recently:
-- A surprising number of people with $10 million or more in investable
assets have done nothing to protect their assets. More than one-third
(37 percent) of them do not have a will or healthcare proxy; they do
not have a trust, despite its importance to privacy and wealth
transfer, and they have not named a trustee or administrator for their
estate. The excuse cited by 56 percent of all respondents who do not
have a will is procrastination. Twelve percent said they did not want
to confront their own mortality and 5 percent did not feel they had
enough money to justify a will.
-- Fewer than half (46 percent) of survey respondents say that they have
become happier as they have accumulated more money. Nearly one third
(29 percent) of respondents with more than $10 million in investable
assets agree that having a lot of money brings more problems than it
solves, and 33 percent agree that having enough money is a constant
worry in their life.
-- Half (49 percent) of survey respondents with children at home worry
that their kids will grow up feeling "entitled" and nearly as many
(44 percent) believe their children are spoiled. While nine out of 10
respondents with children agree that it is important for children to
learn the value of money through hard work, half (50 percent) of these
respondents say they do not believe kids today know the true value of
a dollar. Only one third (29 percent) of respondents encourage their
children to take after school jobs. Seventeen percent of survey
respondents have done none of the most common activities to teach
their kids about money, hard work or giving.
-- More than half (53 percent) of survey respondents feel obligated to
share the family's wealth with charitable causes, but the wealthiest
are concerned about the details of their giving. Among people with
$10 million or more, one-third (28 percent) said that deciding which
financial charity to donate to was one of their top three financial
worries.
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