Are wealthy Americans cutting back on their charitable giving? Yes, about 25% of those surveyed recently. Still the majority have sustained a sense of obligation to give financially to their communities despite continued depressed economic conditions, according to the Wealth and Values Survey by PNC Wealth Management, a member of The PNC Financial Services Group, Inc.

Despite the recession, the sense of giving has not dropped significantly from previous years, when times were better. More than half (55 percent) said "I have an obligation to give back financially to my community," roughly the same as in 2008 (58 percent), and almost identical to 2006 and 2007 when 54 percent answered positively.

Still, more than one-quarter (28 percent) say they have already or plan to cut back the total amount of charitable giving in response to the economic climate. This compares to just 13 percent who say they have increased, or plan to increase, their giving.

"The economy has forced a fundamental shift in how the wealthy approach their philanthropic activities," said Bruce Bickel, senior vice president of PNC Wealth Management and head of private foundation management services. "In many cases they are refining their giving to reflect the potential for greater impact to specific issues that are most meaningful to them, sometimes restricted by geographical preferences. They are purposefully becoming more mission-driven and governed less by emotion."

Bickel, who manages 23 family foundations, believes the top priority for many wealthy families should be to first identify family values and then decide what dollar amounts they want to distribute.