Bank Releases Initial Philanthropy Findings

From the Boston Globe
November 24, 2008

"Nearly 60 percent of wealthy households who stopped giving to a charitable organization attributed their change in philanthropic behavior to 'no longer feeling connected to the organization,'" Bank of America Corp. said today.

That's one headline from initial findings of a new survey commissioned by the bank's global wealth and investment management unit, which is based in Boston; the full study is scheduled for release early next year.

The study, the bank said in a press release, reflects the opinions of nearly 700 respondents with household income greater than $200,000 and/or net-worth of at least $1 million.

One insight from the study indicates that "wealthy donors are giving more strategically and are increasingly turning to legal and financial professionals as primary sources for advice about charitable giving decisions," said the bank, which is headquartered in North Carolina.

A recent Globe story, which focused on young Jewish donors, noted how attitudes toward philanthropy are evolving. To read that story, please click here.