Wealthy Canadians (those with assets exceeding $1 million) plan on leaving 4% of their estates to charity, finds a new BMO study.
The bank released its study to mark national philanthropy day tomorrow. It’s the third in a series by BMO Harris Private Banking that examines trends among our nation’s affluent.
The study found almost three-quarters of wealthy investors have returned to pre-recession levels of support for charities, with 48% saying they’re currently donating the same as they did before the onset of the recession. In fact, 36% are donating more.
On average, respondents say they will donate an average of $5,217 in 2013 to charitable causes. These are the top causes they support:
- Health programs and disease research (72%)
- Children’s charities (38%)
- Local community programs (36%)
- Religious institutions (33%)
- Animal welfare (24%)
- Education (18%)
- The arts (16%)
- Political, environmental and foreign aid causes (tied at 13%)
Women are more likely than men to donate to health programs and disease research (79% versus 69%) and animal welfare (30% versus 21%). However, men are more likely than women to donate to religious institutions (37% vs. 23%).