GenX Millionaires Are More Philanthropic Than Older Generations

According to Northern Trust's Annual Wealth in America Study

CHICAGO, Sept. 3 /PRNewswire/ -- Generation X millionaires give nearly
twice as much on average to charitable causes than older generations,
according to Northern Trust's third annual "Wealth in America" survey of
high-net-worth individuals and families.
"Not only are young millionaires giving more than older generations, they
are giving more than they have in the past," said Marguerite Griffin, Senior
Vice President and National Director of Philanthropic Services for Northern
Trust. "While historically younger millionaires are more engaged in building
wealth and managing immediate financial obligations of starting a family or
career, the advance of technology has made giving more accessible. The
abundance of information about nonprofit organizations that can be found on
the Internet and the ease of contributing to a charitable cause, or even
starting your own global giving initiative online, is a huge convenience for
younger generations, who are generally more comfortable with online giving
vehicles."
Gen X millionaire households (ages 28 to 42) gave nearly $20,000 in 2006,
compared to Baby Boomers (ages 43 to 61) and Silent Generation millionaires
(ages 62 to 77), who gave roughly $10,000. Looking ahead through 2008, Gen X
millionaires plan to increase their giving modestly, unlike older
high-net-worth households, who expect their 2008 giving to remain at about the
same levels as 2006 and 2007. Gen X households are also more generous in their
intended charitable bequests, planning to give 22 percent of their estate to
charity, compared to 16 percent for Boomers and 14 percent for Silent
Generation millionaires.
When asked about their main philanthropic goals, Gen X millionaires were
more motivated to accomplish family related goals than older generations. For
example, 15 percent of Gen X millionaires stated that creating a lasting
legacy for themselves or their family was their main goal (compared with 4
percent of older millionaires), and 12 percent stated that honoring a loved
one was their primary goal (compared with 5 percent of older millionaires).
"Increasingly, millionaires want to ensure their children understand the
responsibility that comes with wealth," said Griffin. "Along with planning for
their children's financial future, young millionaires want to instill strong
values, and get them involved in giving early on, so that it becomes an
important part of their lives."
In addition to providing more funds, Gen X millionaires are more
globally-inclined in their giving than older generations: 14 percent of the
organizations receiving donations from Gen X households operate
internationally, compared with 8 percent for Baby Boomers and 5 percent for
Silent Generation millionaires.
Additional Survey Highlights
-- Most millionaires prefer to support personal causes during their
lifetime. The study showed that 53 percent of millionaires felt it was "much
more important to give during their lifetime" versus via a bequest in their
will, accounting for only 3 percent of respondents. Millionaires do however,
still plan to leave a sizeable portion of their estate to charity, about 16
percent on average. "Increasingly millionaires want to see their money at
work," said Griffin. "They want to witness the impact of their contributions
and they want to be -- and want their families to be -- part of the change."
-- Millionaires are active volunteers; 80 percent of millionaires did at
least some volunteer work in 2007, and more than 25 percent expect to spend at
least 100 hours volunteering this year. Volunteer work is also on the rise
with millionaire households: 22 percent said they spent more time volunteering
in 2007 than in the previous year.
-- Millionaires' desire to be involved may be because they generally feel
strongly for the causes they support. By a wide margin, "supporting a cause I
personally believe in" ranked as the most important charitable goal (cited by
42 percent of respondents), followed by "making a difference in the
community/world" (cited by 18 percent). More than three-quarters of the
organizations that millionaires gave to in 2007 had received donations from
them regularly in the past.
About Northern Trust:
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of
investment management, asset and fund administration, fiduciary and banking
solutions for corporations, institutions and affluent individuals worldwide.
Northern Trust, a multibank holding company based in Chicago, has a growing
network of 85 offices in 18 U.S. states and has international offices in 15
locations in North America, Europe, the Middle East and the Asia-Pacific
region. As of June 30, 2008, Northern Trust had assets under custody of US$4.0
trillion, and assets under investment management of US$751.4 billion. Northern
Trust, founded in 1889, has earned distinction as an industry leader in
combining exceptional service and expertise with innovative products and
technology. For more information, visit http://www.northerntrust.com
SOURCE Northern Trust Corporation

Cathryn Raia, PR Officer of Northern Trust Corporation, +1-312-444-3097,
Car11@ntrs.com