CHICAGO, April 22, 2015, — The question to affluent investors was simple: “Who makes the financial decisions in your household?” But the disparity in opinion between male and female respondents was significant. Women are much more likely to say financial decisions are made jointly, and among the wealthiest investors (with a net worth between $5 million and $25 million, NIPR), 75 percent of women say the decisions are made together, while only 39 percent of men agree.
Spectrem Group’s newest research study, Financial Behaviors and the Investor’s Mindset, details the financial concerns and attitudes of affluent investors in three different wealth segments, ranging from the Mass Affluent to the $25 million-plus segment. Topics such as financial decision making within households are analyzed.
Other key findings in the report include:
· Mass Affluent investors (with a net worth between $100,000 and $1 million, NIPR) are not active risk-takers, and are also unlikely to use a financial advisor for everyday investment needs. They are very concerned about being able to retire on their own schedule.
· Among Millionaire investors (with a net worth between $1 million and $5 million, NIPR) 89 percent pool their assets. More than half worry about spending their old age in a care facility and 45 percent worry about having someone to care for them in their later years.
· Ultra High Net Worth investors (with a net worth between $5 million and $25 million, NIPR) are concerned about their health and the health of their spouses, and worry that health care costs will eat into their assets.
“There are differences in perception between males and females about whether couples share financial decisions, and those differences can be seen in the age of investors, and whether there is one income in the household or two,’’ says George H. Walper Jr., president of Spectrem Group. “Investors are also concerned about retirement, their health in later years, and the cost of healthcare going forward.”
Additional information can be found at Spectrem.com and Spectrem’s Millionaire Corner, including:
About Spectrem Group: Spectrem Group (www.spectrem.com) strategically analyzes its ongoing primary research with investors to assist financial providers and advisors in understanding the Voice of the Investor.