The young rich care more for social responsibility than their older peers, says study

Paul Rees of the Charities Aid Foundation, which published the report, says many of the world's young rich people want to change the world for the better

Paul Rees
Paul Rees

Young rich people are more likely than their older peers to believe that social responsibility and charitable concerns are as important as making profits, according to a new report by the Charities Aid Foundation.

The report, Catalyst for Change, examines the attitudes of a new generation of wealthy individuals around the world.

The report is based on research carried out by the company Scorpio Research, which surveyed people with an average net worth of more than £1.5m in 98 countries, including the UK, the US, Australia, Canada, Singapore and Malaysia.

Findings from research carried out in 2010, based on 2,457 responses and published for the first time in the report, found that 42 per cent of people under 30 believed that campaigning for important social issues was at least as important as making profits, compared with 26 per cent of the over-45s.

The same survey found that 65 per cent of the young entrepreneurs rated charitable activity as an important part of their wealth creation, compared with 58 per cent of the over-45s.

Further research carried out by Scorpio in 2012 among 176 people found that 71 per cent of those under 30 rated social responsibility as an important influence on their investment decisions, compared with 63 per cent of those over 45.

The report includes case studies of philanthropists and social entrepreneurs who use strategic giving, social investment and new technology to support the causes they care about.

Paul Rees, director of communications at CAF, said: "Many of the world’s wealthiest young people have a real desire to change the world and make a tangible difference to the causes they care about.

"It’s fantastic when people use their wealth as a force for good. We need a new generation of philanthropists to act as role models and show what can be achieved when you support others and make a real impact.

"In these tough economic times, it is more important than ever to back charities and ensure we build a long-term culture of giving in Britain."

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