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CTBC Bank Report Finds Affluent Chinese Americans and Non-Chinese Americans United in Charity Choices
LOS ANGELES, Nov. 02, 2016 -- Both high income Chinese Americans and high income individuals from the rest of the U.S. general population have strikingly similar beliefs and behaviors in nonprofit and community giving, according to the CTBC Bank Survey: Philanthropy & Business, released today by CTBC Bank USA.
This year’s CTBC Bank survey, the third in an annual series, explores some of the more personal motivators behind why and how households with incomes of at least $250,000 give and how they take into account a company’s charity with their consumer dollars when investing, spending or deciding on taking a job.
The foreword of the report was penned by Jon M. Huntsman Jr., Chairman of the Huntsman Cancer Foundation and former U.S. Ambassador to China and former Governor of Utah. CTBC consulted experts from the University of Southern California and University of California, Los Angeles for survey development and analysis of the report findings.
“We were pleasantly surprised to find there is very little difference between the attitudes and behaviors of the Chinese American and national populations,” said Noor Menai, President and CEO of CTBC Bank USA. “In a time when we are often reminded of that which divides us as Americans, we hope this study helps to underscore how similar we ultimately are and remind us that we are all working toward an America that is greater and more successful than ever.”
A premium on children and education
Among 16 category choices, the CTBC report found that Americans favor philanthropic organizations that are connected to children & education:
“One reason education and healthcare are favored areas for giving could be that they are highly regulated, for the most part they have good reputations and are generally accountable,” said Clayton Dube, Director of the USC US-China Institute. “They want to see where their money goes. In a sense, investment in education, particularly early childhood education, is an investment in the future, but in another sense, many of those who give to these institutions see the return almost immediately in the form of new equipment for a lab, a library or a debate team’s trip.”
Religion and taxes
“People tend to donate money over their personal time,” said Paul Ong, Professor of Urban Planning, Social Welfare and Asian American Studies, UCLA Luskin School of Public Affairs. “This is likely a reflection of individuals’ desire to give, combined with the limitations of being busy, active professionals.”
As a high level snapshot of survey respondents, 92% of national high income Americans and 91% of high income Chinese Americans have donated money to a nonprofit in the past year; and 62% of national high income Americans and 58% of high income Chinese Americans have volunteered their time.
For a full copy of the survey, please click here.
About the CTBC Bank Survey and Methodology
CTBC Bank commissioned FTI Consulting (NYSE:FCN) to conduct the CTBC Bank Survey: Philanthropy & Business among a select group of high income Chinese Americas and U.S. national high income individuals to develop an understanding of Chinese Americans and their approach to nonprofit and community giving on the individual and corporate levels. The survey also determined how high income Chinese Americans differ from other high income Americans, who they turn to for advice when making nonprofit giving decisions, and focused on how corporate giving practices can drive business success in the long term. The survey was conducted online between September 7 and September 14, 2016. Respondents consisted of 153 first, second and third generation high income Chinese Americans and a national sample of 319 high income Americans for a total of 472 participants. Respondents were required to have an annual income of at least $250,000 to qualify.
About CTBC Bank Corp. (USA)
CTBC Bank USA is a trusted and established institution providing commercial and retail customers with a real financial bridge to the next state of their lives and businesses. Founded in 1989 and headquartered in Los Angeles, CTBC Bank operates branches in California, New Jersey, and New York. The bank’s operations include deposits, loans, credit cards, foreign exchange, letters of credit, wealth management, mobile, and electronic banking services. Customers benefit from access to large bank resources coupled with individual attention and customized service of a small bank. Its parent company, CTBC Bank Co. Ltd., is supported by nearly $110 billion in assets and is among the largest banks in the world in terms of capital. For more information about CTBC Bank, visit www.ctbcbankusa.com.
Media Contacts: Dan Margolis, for CTBC Bank [email protected] +1 (213) 452-6472 Sean Liao, for Chinese Media [email protected] +1 (424) 277-4531