Majority Feel an Obligation To Donate, But One Quarter Have Cut Back on
Giving, PNC Survey Finds -
PHILADELPHIA, March 1 /PRNewswire-FirstCall/ — The majority of wealthy
Americans have maintained a sense of obligation to give financially to their
communities amid the economic doldrums, but more than one in four have cut
their giving, according to the Wealth and Values Survey by PNC Wealth
Management, a member of The PNC Financial Services Group, Inc. (NYSE: PNC).

The sixth annual survey of 1,046 affluent Americans, all of whom have at least
$500,000 in investable assets, revealed despite the recession that has
affected all Americans, the sense of giving has not dropped significantly from
previous years, when times were better.

More than half (55 percent) said “I have an obligation to give back
financially to my community,” roughly the same as in 2008 (58 percent), and
almost identical to 2006 and 2007 when 54 percent answered positively.

At the same time, the recession has created concern among the wealthy about
their ability to continue to give as they have in the past.

The Wealth and Values Survey by PNC, which is among the nation’s top 20
wealth management firms, revealed that more than one-quarter (28 percent) say
they have already or plan to cut back the total amount of charitable giving in
response to the economic climate. This compares to just 13 percent who say
they have increased, or plan to increase, their giving.

About one quarter (24 percent) of the ultra wealthy ($5 million or more in
investable assets) are concerned with their ability to give to charities,
compared to 16 percent of those with $500,000 to $1 million in assets.

“The economy has forced a fundamental shift in how the wealthy approach their
philanthropic activities,” said Bruce Bickel, senior vice president of PNC
Wealth Management and head of private foundation management services. “In many
cases they are refining their giving to reflect the potential for greater
impact to specific issues that are most meaningful to them, sometimes
restricted by geographical preferences. They are purposefully becoming more
mission-driven and governed less by emotion.”

Bickel, who manages 23 family foundations through PNC Wealth Management, noted
that individuals or families looking to re-evaluate their giving behavior
should determine the legacy they want to perpetuate, the values they want to
preserve and the area of society they want to promote.

“The top priority is to identify family values before determining what dollar
amounts they want to distribute,” he said.

An online media kit containing survey highlights and background information as
well as an audio podcast are available on PNC’s website at

http://www.pnc.com/go/presskits.

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s
largest diversified financial services organizations providing retail and
business banking; specialized services for corporations and government
entities, including corporate banking, real estate finance and asset-based
lending; wealth management; asset management and global fund services.

Survey Methodology

The Wealth and Values Survey was commissioned by PNC to identify attitudes
about wealth among high-net-worth individuals, how it affects their lives and
their needs in managing wealth. The survey was conducted online within the
United States by Harris Interactive in September and October 2009 among a
nationwide cross section of 1,046 adults (age 18 or over) with annual incomes
of $150,000 or above (if employed), at least $500,000 of investable assets
(unless retired) or at least $1 million of investable assets (if retired).
Findings are significant at the 95 percent confidence level with a margin of
error of +/- 3.0 percent.

The survey was designed and managed by HNW, Inc. (www.hnw.com), a leading
provider of wealth marketing software and solutions to financial services
companies and intermediaries seeking to capture and serve the high net worth
market. The survey was supported by Artemis Strategy Group
(www.ArtemisSG.com), a communications strategy research firm specializing in
brand positioning and policy issues.

This report has been prepared for general informational purposes only and is
not intended as specific advice or recommendations. Information has been
gathered from third party sources and has not been independently verified or
accepted by The PNC Financial Services Group, Inc. PNC makes no
representations or warranties as to the accuracy or completeness of the
information, assumptions, analyses or conclusions presented in the report. PNC
cannot be held responsible for any errors or misrepresentations contained in
the report or in the information gathered from third party sources. Any
reliance upon the information provided in the report is solely and exclusively
at your own risk.

CONTACT:
Alan Aldinger
(412) 768-3711
alan.aldinger@pnc.com

SOURCE The PNC Financial Services Group, Inc.

Alan Aldinger, The PNC Financial Services Group, Inc., +1-412-768-3711,
alan.aldinger@pnc.com