JP Morgan: HNWs unhappy with philanthropy - Spear's Magazine

JP Morgan: HNWs unhappy with philanthropy

Only 7 per cent of HNW clients surveyed by JP Morgan Private Bank are happy with the amount of money they give to charity, with 30 per cent of respondents saying they would give more if there were better tax incentives for philanthropists

by Sophie McBain

Only 7 per cent of HNW clients surveyed by JP Morgan Private Bank are happy with the amount of money they give to charity, with 30 per cent of respondents saying they would give more if there were better tax incentives for philanthropists.
 
The survey, published today, explored the attitudes of 78 HNWs and UNHWs, with a total net worth of over £6 billion, towards charitable giving. It found that 78 per cent of respondents give regularly to charity, with 45 per cent using between 5 and 10 per cent of their wealth for charitable purposes.

As well as suggesting that tax incentives for philanthropists should be improved, the findings also imply that charities would benefit from improving their communication with HNWs, with 48 per cent of respondents saying they would give more if they found a cause they felt passionate about, and 30 per cent saying they would give more if they had better knowledge of how their donations were spent.

The 2011 budget offered inheritance tax relief for individuals bequeathing more than ten per cent of their estate to charity, but the findings of JP Morgan’s survey add weight to arguments that greater tax relief is needed if private philanthropy is to help plug the holes left by public spending cuts.



 

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