High income investors apparently have little concern over their personal health situation, and the health concern among wealthy investors has not grown significantly over the past five years.
Research from a Spectrem study – Financial Attitudes of Wealthy Investors Based on Income - examined investors over several different income segments: under $100,000 annually, from $100,000 to $250,000, from $250,000 to $500,000, from $500,000 to $750,000 and $750,000 and above.
Only eight percent of all investors reported that they were more concerned with their health now than they were five years ago. There was very little spread in that statistic over income segments, although 13 percent of the $500,000 to $750,000 income segment said they had greater concern over five years ago.
There was no large positive response when asked about improving health habits. Only 23 percent of investors said they exercise more than five years ago, although only 10 percent of the highest income segment said they were exercising more.
Only 13 percent of investors report monitoring their weight more than they did five years ago (although the research does not indicate how much they monitored their weight back then). That number decreased as income level increased, down to just 3 percent of the highest income segment.
However, the greatest positive response came to the question about changes in behaviors. Given the choice “I have worked in the past five years to eliminate some bad health habits such as drinking, smoking, overeating, too much caffeine, etc.”, 24 percent agreed, and that number jumped to 31 percent among investors with between $250,000 and $500,000 in annual income.
Only 18 percent have increased their doctors’ visits from five years ago, however. Only 12 percent of investors with between $500,000 and $750,000 in annual income visit the doctor more often.
A different Spectrem study from the first quarter showed that while 70 percent of Mass Affluent investors (those with net worth under $1 million not including primary residence) were concerned about maintaining their current financial situation, 65 percent were concerned about the health of their spouse and 62 percent were concerned about their own health. Fifty-four percent expressed concern over a family health catastrophe.