PHILADELPHIA, Jan. 10, 2013 /PRNewswire/ -- More than four in five (82 percent) of American millionaires agree that each generation should be responsible for creating its own wealth, up significantly from the 65 percent who said the same thing in 2007, according to a new survey from PNC Wealth Management.
In another post-recession scenario, one third (31 percent) of millionaires anticipate a decline in the wealth they expect to pass on to the next generation, according to the ninth annual Wealth and Values Survey. This number has more than doubled since this topic was addressed in a previous Wealth and Values survey in 2007. However, 49 percent report that they expect to pass on at least $500,000 of wealth to their heirs. More than eight in 10 (84 percent) say raising successful, hard-working children is their most important goal, an increase from 75 percent from five years ago.
"It is human to want your children to have a better life than you have had, but too much financial support might, at some point, have negative longer term consequences," said Steve Pappaterra, senior vice president and managing director of wealth planning for PNC Wealth Management. "It is important to communicate early and often with children and grandchildren about their goals and expectations, both in terms of financial and life achievements. Ultimately, parents want their children to make their own way in life."In addition, the survey examined the notion of leaving a legacy, which goes beyond the simple step of transferring financial assets to the next generation. Nearly half (46 percent) of American millionaires said it means being remembered and passing on important family traditions. About two in 10 (19 percent) mention property as the biggest part of their legacy while 15 percent say the idea of leaving a legacy is an outdated notion.