An overwhelming 82 per cent of American millionaires believe each generation should be responsible for creating its own wealth, as too much financial support might have longer term negative ramifications, according to new survey results.

On top of the fact that this figure is up considerably from the 65 per cent who said the same thing in 2007, PNC Wealth Management found in its ninth annual Wealth and Values survey that a third of millionaires predict a decline in wealth handed over to the next generation in a post-recession world. This is up by more than half since the subject was broached in the same survey six years ago.

Nevertheless, almost half (49 per cent) expect to pass on at least $500,000 to their heirs, while more than eight in 10 (84 per cent) say raising successful, hard-working children is their most important goal - an increase from 75 per cent five years ago.

“It is human to want your children to have a better life than you have had, but too much financial support might, at some point, have negative longer-term consequences,” said Steve Pappaterra, senior vice president and managing director of wealth planning at PNC.

Pappaterra added: “It is important to communicate early and often with children and grandchildren about their goals and expectations, both in terms of financial and life achievements. Ultimately, parents want their children to make their own way in life.”

The survey also looked at the notion of leaving a legacy, which, the firm highlighted, goes beyond the simple act of transferring financial assets to the next generation. On this note, almost half (46 per cent) of US millionaires said it means “being remembered” and “passing on important family traditions”. About a fifth (19 per cent) cited property as the biggest part of their legacy, while 15 per cent say the idea of leaving a legacy is an “outdated notion”.

In other interesting findings, three-quarters said their financial situation growing up was “average”, while 12 per cent said they grew up “poor” and an equal number said they grew up “well off” or “wealthy”.

The Wealth and Values survey was conducted online by the Artemis Strategy Group in August and September of 2012. A total of 1,115 interviews were completed across the US, including 560 millionaires with assets of at least $1 million.