The recession has caused a significant number of Americas wealthy to re-evaluate their lifestyles, according to a new survey.
Four out of 10 (42 percent) say they have felt a negative impact on their family budget, with one-third (34 percent) experiencing a negative effect on their lifestyle, according to the sixth annual Wealth and Values Survey by PNC Wealth Management,.
In addition, wealthy Americans have changed their views of what is important as a result of the recession, emphasizing living within their means, developing an appreciation for non-material aspects of their lives and re-evaluating priorities.
Nearly nine out of 10 (88 percent) believe it is "more important than ever to live within my means" and two-thirds (66 percent) believe they have "developed a greater appreciation for the non-material wealth in my life." Half (50 percent) say they "feel more centered because the recession has given me an opportunity to re-evaluate my priorities."
Also, concern over children becoming more spoiled has risen dramatically in the last two years. This year's survey revealed that 35 percent "believe that my children may be too spoiled by money and have too many material possessions," up from 22 percent in 2007.
Just over half (51 percent) believe the recession has changed the way their children will manage their finances and has prompted nearly half (47 percent) to discuss money management with their children.
The survey of 1,046 wealthy Americans, all of whom have at least $500,000 in investable assets, also revealed that they have been impacted in other ways by the recession. Four in 10 (42 percent) have cut their spending on non-essential goods, while three in 10 (29 percent) have provided financial assistance for friends or family who need it.
Among the ultra-wealthy (those with $5 million or more in assets), 39 percent are more likely to have provided financial assistance to friends or family, compared to 26 percent of those with assets of $500,000 to $1 million.
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