Despite some stereotypes about men lusting after money and power, most men showed a positive outlook on wealth and a concern for their family well-being, according to the Men & Wealth Study by GenSpring Family Offices.
The majority (62%) of men surveyed said they do not equate having wealth with having power. A large majority (83%) claimed they do not use wealth to influence others, and 78% said they are not impressed by those with a lot of money. However, less than half (45%) do not see their image connected to their wealth.
GenSpring says men showed a strong concern for their families. Almost all (93%) indicated it is important to have all family members educated about financial matters.
An overwhelming majority (89%) also agree it is important to have their children achieve financial independence and to mentor their heirs (89%). Three-fourths of respondents (77%) indicated that it is important to leave a legacy for the next generation. Yet many men (56%) expressed concern about their children’s ability to manage their wealth.
Communication about money matters and inheritance has improved in a generation, the study says. About half of men are talking to their children about their inheritance, estate plans, and other money matters; only about one-third of men say their parents did this.
The study said: “If these men have strong intentions towards sustaining wealth to future generations, then closing the gap in their knowledge and placing greater importance on succession planning and family governance to better prepare their children to inherit will help them sleep better at night.’
Men see the top more important areas of wealth as: investment management (79%), estate planning (54%), and financial planning (46%). The fewest number of men indicated succession planning (25%), family governance (23%), and insurance planning (9%) as most important.
Men feel most knowledgeable about financial planning (88%), estate planning (84%), and investing (77%). Men feel less knowledgeable of succession planning (65%), charitable giving (63%), family governance (59%), and insurance planning (59%).
“Men play a central role in the decision making for most affluent families,’ said Steve Barimo, chief innovation officer at GenSpring Family Offices and director of the firm’s Innovation & Learning Center which conducted the research, in the release. “Exploring their views, attitudes, and practices may provide us with insight into how to serve their needs better and their intentions for their wealth.’
The study surveyed more than 100 affluent men online.