While many problems can be chased away by significant wealth, wealthy investors do not live without any personal concerns.
Spectrem’s Wealth Segmentation Series study Financial Behaviors and the Investor’s Mindset examined the personal concerns of Ultra High Net Worth investors with a net worth between $5 million and $25 million. Chief among them is the health of their spouse (61 percent) and their own personal health (57 percent).
UHNW investors tend to be older than less wealthy investors, with an average age of 65. As a result, health is a major concern in their lives. Great wealthy can help keep investors healthy but cannot eliminate the concern about future health problems.
For instance, 48 percent of UHNW investors worry about spending their final years in a care facility, while 45 percent worry about having someone to care for them in their old age. The younger ones in the wealth segment have other concerns: 40 percent say they worry about the responsivity they have to care for aging parents.
Almost all of the health-related concerns have increased over the last year, although slightly. The American population is getting older as the Baby Boomer generation reaches its retirement age, and concerns over health increase as a result.
While almost one-third of UHNW investors admit to concern over the loss of revenues from personal business ownership, the one thing they do not have to worry about is losing their job. Only 11 percent worry about losing their own job or having their spouse lose a job.
There is also minimal concern about retirement issues. Only 13 percent worry about being forced into retirement earlier than they want or intend, 20 percent worry about being able to retire when they want to, and 22 percent worry about having enough money to lave to their posterity.
Spectrem segments the investors in its study based on occupation, and Business Owners are much more concerned about personal issues than others. They are far more concerned about their own health and the health of their spouse (72 percent worry about their spouse’s health).
For more information on the UHNW, click here