CENSUS OF POPULATION AND HOUSING: 1890 CENSUS
In addition, low composure, concern about preventing bad things from happening and a high appetite for risk increase the likelihood of trading too much. Whilst the research finds differences between individuals within all the groups, there are several robust personality differences between men and women when looking at these groups in aggregate. Men tend to have a higher risk tolerance, being more likely to label themselves "financial risk takers" and having a greater openness to choosing high risk investments. Men have more positive views on the benefits of frequent trading and timing the market, yet - consistent with the trading paradox — they are more likely to believe they trade too much.
Men have higher composure than women; that is, they are less likely to believe they are easily stressed. Women tend to have lower composure and a greater desire for financial self-control, which is associated with a desire to use self-control strategies, and women are more likely to believe that these strategies are effective. Age really does make you wiser: The adage that we mellow with age rings true in this report.
Age is characterised by calm, acceptance and satisfaction. The data suggest the idea of happiness in old age also transfers to the way we approach our finances. In fact, even if wealth levels do not change, with increasing age the wealthy gained a calmness and confidence in their approach to financial management. A significant difference emerges when we look at the relationship between worth and financial personality traits. Those with greater income and wealth have higher risk tolerance levels. The pattern behind this observation is extremely robust.
Having a risk-seeking personality has its own challenges — it is clearly related to a higher desire for financial self-control.
The report shows that investors use many types of decision-making strategies to control their decision-making process. The most popular include setting deadlines to avoid procrastination and using cooling-off periods to reflect on decisions. If you would like a similar study for your region, please call the Center on Wealth and Philanthropy at or e-mail Robert A.
In addition, we have enclosed two short, interesting philanthropy articles. The first article targets gender and philanthropy while the second piece discusses philanthropy among unmarried individuals. As always, I welcome your comments and feedback.
Introduction
The Boston College Center on Wealth and Philanthropy has launched a groundbreaking study, The Joys and Dilemmas of Wealth , to explore the new cultural underpinnings of wealth for society. The objective of the study is to uncover the attitudes, practices and personal philosophies of ultra high net worth households regarding wealth and philanthropy. Enthusiasm for the study is running high. Michael Deich, deputy director of public policy and external affairs at the Gates Foundation has declared, "We believe that the Center's survey will make an extraordinary contribution toward helping us understand what drives donors to give and what they need in order to give effectively.
The Center on Wealth and Philanthropy will present the findings in nationally distributed reports. Professor Paul Schervish, Director of the Center, notes, this survey will ask behavioral and attitudinal questions about the little understood dilemmas, obstacles, opportunities, and spiritual understandings of wealth and will tender a rare insight into the financial and philanthropic counseling needs of ultra high net worth households. It is not too late to contribute.
Volume 13 Number 4 December 2008
If your organization is interested in participating in the study please call the Center on Wealth and Philanthropy at or e-mail Robert A. Havens, this report identifies and analyzes the mosaic of cultural, historical, demographic, and socio-economic factors that shape the giving patterns in greater Boston, Massachusetts and New England - adding dramatically to the understanding of our distinctive regional culture. In the report the authors show how the giving patterns described in the report are shaped by the region's unique blend of history, cultural forces and other demographics.
The report unveiled a range of interesting findings to the philanthropic and non-profit community in Boston. For instance, Boston's most affluent population makes philanthropic gifts that are among the very largest in the country. In Massachusetts, the most affluent and wealthy households donate larger portions of their after tax income when expressed in terms of regional purchasing power than any other state in the nation except Connecticut, New York, and New Jersey.
- Executive summary.
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Residents of Massachusetts from lower and middle- income households, however, donate smaller portions of their after tax income again expressed in terms of regional purchasing power compared to the national average. Geography and Giving offers fresh insight into why donors in Massachusetts give and why they are prone to give more to secular than religious causes. The report reveals that although national giving is equally split between religious and secular, Bostonians in particular and New Englanders in general, give substantially less to religion and substantially more to secular causes, on average, than the rest of the country.
Educational attainment, especially beyond the bachelor's degree, has a high correlation with secular giving. Boston is known throughout the world as higher education's hometown. Boston and Massachusetts have a very large proportion of heads of households with doctorate and masters degrees. The city has a well educated populace and thus it has an expanded secular donor base.
News from The Center on Wealth and Philanthropy
Occupation is also a strong indicator of levels of giving and heads of households working in professional and administrative occupations give more than do their counterparts in other occupations. Heads of households working in high technology information, biomedical, pharmaceutical, etc. The report speculates that working in professional occupations reinforces values and normative behavior that leads to high levels of secular giving.
In their report Havens and Schervish point out that heads of households of two particular groups stand out in Boston and Massachusetts: African Americans and heads of households who have served in the military. African American households give the largest percentage of their after tax incomes, on average, to charity as compared with all other races in Massachusetts. Households whose head served in the military gave a greater percentage of their after tax income, in terms of regional purchasing power, to charity than those who had not served.
The Role of Control in Financial Decision Making
Schervish and Havens point out patterns and insights into the specific conditions and history that give rise to New England's philanthropic signature. In order to compare Massachusetts to other states and Boston to other metropolitan areas, they have completed a substantial portion of the statistical research required to undertake studies similar for other states or other metropolitan areas. If you are interested in identifying and analyzing the cultural, historical, demographic, and socio-economic factors that shape the giving patterns in your region please call the Center on Wealth and Philanthropy at or e-mail Robert A.
All other forms of giving are termed "secular giving" including a gift to a school, program or hospital run by a religious organization.
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Based on the most Current Population Survey September , we see an emerging difference in the ways men and women volunteer in their communities. Did you know that women volunteer more frequently and to more types of non-profit causes than do men? But of the men who do volunteer, they volunteer more hours, on average, than women who volunteer?