Wealthy Can Express Their Values Like Buffet and Gates Through Philanthropy, PNC Expert Says

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A recent survey conducted by PNC of nearly 1,500 affluent Americans, found very different perspectives. The 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.

When leaving a legacy, wealthy individuals ought to think about their money in the context of “stewardship” and not “ownership,” according to Bruce Bickel, Ph.D., a senior vice president of PNC Wealth Management, in response to the recent philanthropic announcements by Warren Buffett and Bill and Melinda Gates.

"Rather than reaching a stalemate over how to share their wealth, they should explore their shared beliefs and values. How they spend their money and the legacy they leave then becomes an expression of the heart, not the power of the purse,” said Bickel.

In terms of how wealthy men and women view philanthropy, a recent survey conducted by PNC of nearly 1,500 affluent Americans, found very different perspectives. Men tend to donate greater amounts of money to political or advocacy organizations, religious and faith-based organizations, and educational institutions. Women, on the other hand, donate greater amounts to children and youth services, community foundations, animal rights groups and women’s organizations. Furthermore, women are generally more concerned than men about giving to charities and having enough assets for philanthropic purposes, Bickel reported.

Bickel oversees 16 private foundations across the nation for PNC Wealth Management and understands the motivation behind decisions of affluent people to donate one's wealth to charitable causes, and the processes for foundations in dealing with a large inflow of capital, as well as managing the demands from the foundation's viewpoint.

The 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 PNC Financial Services Group, Inc. (NYSE: PNC) is one of the nation's largest diversified financial services organizations providing consumer 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.

For more information, contact Alan Aldinger, PNC Corporate Communications, at 412-768-3711.

Survey Methodology

The survey was conducted online by Harris Interactive in October and November 2005 among a nationwide cross section of 1,485 adults (age 18 or over) with annual incomes of $150,000 or above (if employed), at least $500,000 of investable assets (if employed) or at least $1 million of investable assets (if retired).

Media Contact:

Alan Aldinger

(412) 768-3711

alan.aldinger @ pnc.com

http://www.pnc.com

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