Data & Research January 29, 2008

Money Brings Peace of Mind, But Worries Too

High net worth individuals are primarily concerned about the safety of their family, but they also have significant concerns about the protection of financial assets such as stocks, bonds, real estate, and other investments.
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Those with $2-$5 million in investible assets and the “newly affluent’ – individuals who achieved their wealth in the last five years – are the most concerned, according to a recent survey of Americans with investment assets in excess of $1 million commissioned by Fireman’s Fund Insurance Company and conducted by Opinion Research Corporation (ORC).

Although most Americans with upwards of $125,000 in discretionary income believe money has brought them considerable security and peace of mind, they don’t “really feel like they have a lot of money,’ and agree with the sentiment that having been “burned in business experiences has made me much more cautious,’ according to the 2007 Annual Survey of Affluence and Wealth in America, produced by American Express Publishing and Harrison Group.

When asked if they worry that someday they could run out of money, 49% of those who have been affluent for less than six years and 52% with $125K-$249K in disposable income indicated concerns about financial security in the American Express poll.

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