The Wealth and Values Survey by PNC, which is among the nation's top 10 bank-owned wealth management firms, also revealed insights about the following issues:
- What, me wealthy? Three quarters (75 percent) said their financial situation growing up was "average," while 12 percent said they grew up poor and an equal number said they grew up well off or wealthy.
- Leaving a financial legacy: Millionaires expect financial aspects to be a significant component of their personal legacies. Nearly nine in 10 (86 percent) intend to leave something tangible for the next generation. They intend to do this in a variety of ways: passing on property, family heirlooms, or ownership/participation in a business. More than four in 10 (46 percent) millionaires expect to pass on assets through a trust fund.
- Help is there: Millionaires acknowledge they received some help (67 percent) from their own parents and they are doing more for their own children (91 percent). Not surprisingly, in light of the rising cost of education more than eight in 10 (84 percent) say they have or expect to provide financial support for higher education. Millionaire parents also strongly support basic purchases such as a car (61 percent) and down payments on homes (45 percent), as well as other general expenses.
- Transfer of wealth: A vast majority of wealthy households have taken some steps to plan for their ultimate transfer of wealth. Most have wills (82 percent) and some have established trusts (52 percent) and/or estate managers (52 percent). But nearly one in five (18 percent) do not have a will and seven in 10 (70 percent) do not have a formal financial plan. Among wealthy business owners, surprisingly few, only 15 percent, have a formal succession plan in place. Among those who already have set up a will, estate or trust plans, few have gone so far as to put in place any stipulations on how heirs access that inheritance (20 percent of millionaires).