Tags: Rich | Parents | money | children

BofA Poll: Many Rich Parents to Leave Wealth to Charity, Not Their Kids

Monday, 18 Jun 2012 09:35 AM

Many super-wealthy individuals are likely to leave their fortunes to charity over their kids, a poll finds.

Some 32 percent of high and ultra-high net worth Americans feel leaving inheritances for children isn't important, according to a report released by U.S. Trust, Bank of America's private wealth management division, CNNMoney reports.

Among baby boomers, that percentage rises to about 45 percent.

Editor's Note: Startling Proof of the End of America’s Middle Class. Details in the Video

"Each generation should earn its own wealth," served as the chief reason among wealthy parents opting to bequeath generously to charities as opposed to their children.

One in four respondents say they'd prefer to donate inheritance to charity, CNNMoney adds, while more than one in four said they plan to splurge on themselves.

Only 7 percent say they felt they won't have money left to leave for future generations.

Other polls, meanwhile, show that saving for retirement is growing increasingly difficult.

Fifty-seven percent of investors say they feel they have little or no control over their efforts to build and maintain their retirement savings in the current environment, a Gallup poll finds.

High unemployment rates straining household finances, bloated government deficits, Wall Street volatility and a weak economy in general make retirement planning difficult.

"Even as the May swoon on Wall Street was getting underway and the financial crisis in Europe was becoming more of an issue for the global economy, 57 percent of investors felt they had little or no control over building and maintaining their retirement savings," Gallup says.

Editor's Note: Startling Proof of the End of America’s Middle Class. Details in the Video

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