These days, the top financial concern of millionaires is not so far removed from the worries of the rest of us. Find out more.
Millionaires’ financial resolutions are not unlike those of people of more modest means.
A recent survey by deVere Group found that saving more money for retirement is the most common New Year’s resolution among millionaires.
Nigel Green, founder and chief executive of deVere Group, notes:
“Whilst this poll highlights the 2016 resolutions of high-net-worth individuals, I believe there would be very similar results for a survey of middle-income earners.
This is because wealth enables people and their families to achieve the lifestyle they desire and, as such, there would be inevitable parallels across income brackets.”
The international financial advisory firm polled 655 of its clients who are between the ages of 25 and 70 and have investable assets of more than 1 million British pounds (which was equivalent to $1,474,600 U.S. dollars as of the end of 2015, according to the U.S. Federal Reserve System).
The survey respondents were from the United Kingdom, the United States and several other nations.
Their top three financial priorities for 2016 are:
- Save more for their retirement — 41 percent
- Review their investment portfolios more often — 27 percent
- Save more to leave to their beneficiaries — 23 percent
Nine percent cited a variety of different resolutions.
According to deVere Group, millionaires’ worries about their nest eggs grow against a backdrop of:
- Large company pension deficits
- Low interest rates
- Changes to pension tax relief thresholds
- Scrapping or reduction of some age-related benefits and public services
- High medical and care costs
- Longer life expectancy
Green explains that millionaires’ financial concerns have implications for people in lower income brackets:
“Even the richest people in society are now worried about not having accumulated enough money to last throughout their retirement.
If this section of society is concerned about such matters, it should be a red-flag to middle and lower income earners to ensure they are also saving enough and, crucially, as efficiently as possible, for their mature years.”
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