Last modified 12/19/11 at 2:11 PM by creativeservices.
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A Boston College study titled, “The Joys and Dilemmas of Wealth,” on high, net-worth Americans was released privately to The Atlantic magazine last April. It provides a fascinating introspection into the lives of those with enormous wealth (the average respondent having about $78 million in net worth).
The survey, according to The Atlantic, revealed that the wealthy often feel burdened or ostracized by society or friends because of their fortunes. In fact, many high, net-worth individuals don’t enjoy the holidays.
Why? Because stocking stuffers just won’t do for their friends or family.
From the article:
“[The wealthy] are always expected to give really good presents. When you’re a millionaire…expensive gifts merely meet expectations. That was a pretty good present, the recipients might respond. But last year, you gave me a car.”
What Does This Mean for the Planned Giving Industry?
This is often the most charitable time of the year. More than 174 million American adults plan to give money to charity between Thanksgiving and year-end, according to a 2010 finding by Edge Research.
Wouldn’t this be an opportunity to show how one’s gift or donation is truly valued by those whom the charity supports—via a thank you card, a face-to-face meeting or something as simple as a phone call?
Isn’t this insight really about knowing how one made others—family or a charity—happy?
Mike Mitchell, editor, The Stelter Company, michaelm@stelter.com
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