High net worth Americans plan on leaving seven per cent of their estates to charitable causes, according to a BMO Harris Private Banking study.

High net worth Americans plan on leaving 7 per cent of their estates to charitable causes, according to a BMO Harris Private Banking study.

While 94 per cent expect to make a charitable donation this year, half of those surveyed are donating more than they did prior to the 2008 recession. With average annual donations of $8,845, the survey found that women are more generous in supporting charitable causes than their male counterparts ($12,478 versus $6,685).

The top three causes supported by HNW Americans are: religious institutions (49 per cent), health programs and disease research (46 per cent), and local community programs (36 per cent).

In the survey, women are more likely than men to donate to religious institutions (53 versus 47 per cent). However, affluent men are more likely than affluent women to donate to local community programs (41 versus 27 per cent) and foreign aid (15 versus 5 per cent).

Canadian findings

Meanwhile, HNW Canadians plan on leaving an average of 4 per cent of their estates to charitable causes, BMO also found.

Almost three-quarters of Canada's affluent have returned to pre-recession levels of support for charities, with 48 per cent reporting that they are currently donating the same as they did before the onset of the recession and 36 per cent stating that they are donating more, BMO said.

Overall, 93 per cent of the individuals surveyed said they planned to make a charitable contribution this year, with an average of $5,217 expected to be donated this year to charitable causes, according to the study.

The top three causes supported by affluent Canadians are health programs and disease research (72 per cent), children's charities (38 per cent), and local community programs (36 per cent).

The online survey was conducted earlier this year, with a sample of 482 Americans and 305 Canadians and with at least $1 million in investable assets.