Families in Asia are far more involved in preparing the next generation for philanthropic activities compared to other regions, according to an HSBC study.
Greater China and ASEAN families are actively planning for the future to contribute to good causes. In fact, 30 percent and 27 percent of respondents from the two regions, respectively, are engaging the next generation for involvement in philanthropy, according to a study titled «The HSBC Trustee Client Survey».
This vastly outpaces the 9 percent for families in all the other regions surveyed.
2nd, 3rd Gen
The rate of involvement was particularly high amongst second and third generation businesses (29 percent) compared to the first generation (21 percent). This was especially pronounced in Greater China where 46 percent indicated the next generation was participating in philanthropy – the highest of all areas of involvement.
«Families in Asia are engaging in philanthropy at an impressive rate and pioneering fresh approaches to meet local and regional needs,» said Dorothy Chan, APAC head of philanthropy services and advisory at HSBC Global Private Banking.
Overall, philanthropy ranked as the third most common role for the next generation (23 percent) behind strategy and planning (44 percent) as well as finance (36 percent) business functions.
Philanthropic Target
In terms of causes, families with foundations or endowments chose education as the top target (32 percent) with other areas such as humanitarian relief or emergency responses in ASEAN (27 percent) and elderly support in Greater China (23 percent).
The HSBC Trustee Client Survey is a research study involving a selection of the British lender's trustee clients worldwide. All respondents were interviewed using an online survey conducted between May and July 2022.
As of 30 September 2022, HSBC Trustee had client assets under administration totalling more than $221 billion in over 2,400 trust structures. It also houses over 300 employees in Hong Kong, Singapore, Delaware, New York and Jersey.
