Half of Rich Say They'd Give Less in Bear Market

Affluent Americans are split on whether a decline in the stock market would prompt them to give less to charity, a survey released Tuesday by U.S. Trust Corp. found.

Fifty-one percent said they would not cut donations, while 49% said a bear market would cause them to reduce charitable contributions.

The findings were drawn from interviews in September of 150 people with adjusted gross annual income of at least $225,000 or a net worth exceeding $3 million. The survey was conducted for U.S. Trust by Financial Market Research, also based in New York.

The respondents gave an average of about $30,000 in 1997. Ninety-nine percent gave cash, 83% volunteered their time, and 21% bequeathed stock or other securities.

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