SALESFUEL TODAY

The Affluent Worry about Retiring

by | 3 minute read

According to a new wealth study from MaritzCX, approximately 1/3 of affluent investors are convinced they will have no wealth left to transfer to their children and another 1/3 are unsure. In addition, approximately 4 in 10 affluent investors do not know if they will have enough money saved for retirement. Affluent investors are those with more than $100,000 in investable assets.

Anxiety is the New Normal

Despite the rebound of both the economy and the stock market, most affluent investors are concerned about some combination of circumstances that could once again threaten their income and portfolio. Anxiety, it appears, might be the new ‰ÛÏnormal,‰Û with investors fearing that the pattern of a significant economic downturn every few years will continue as it did in the first decade of this new century.

Even the Rich Can Have Money Problems

The survey also found that one in five mass affluent investors and one in 10 high-net-worth investors feel they are too much in debt and are living paycheck-to-paycheck. Mass affluent investors are those with $100,000 to $1 million in investable assets, while high-net-worth investors are those with $1 million to $10 million. According to experts at MartizCX, high income or savings does not necessarily mean that consumers feel in control of spending and budget.

Post-Pension Retirement

The poll also showed that 45% are concerned about not having enough money to last through retirement, and 30% believe they will have to work to provide income in retirement. ‰ÛÏThis is not surprising since we are now approaching the first group of retirees who will be retiring in the post-pension world, at least for the private sector,‰Û noted Richard Brose, senior director of strategic consulting for the financial services practice at MaritzCX.

While these investors have been saving steadily toward retirement, many have no idea how much savings is enough or how they will generate income from those savings once they retire. Uncertainty drops considerably when investors have an up-to-date financial plan. ‰ÛÏThe new retirement is not age-bound but is filled with uncertainty,‰Û Brose added. ‰ÛÏMore than half of affluent investors say the idea of a retirement age is an outdated concept.‰Û

“People probably know … the difference between mutual funds and individual stocks, and (that) it’s wise to stay in your 401(k),” Brose says. “But there are areas, almost blind spots, where they’re either not aware or have a misconception. … There’s still room for fundamental education, even among the folks that are investing and have the wherewithal to invest.”

These consumers might be willing to switch financial planners. Reach out to your retirement and financial-planning businesses with more information on how to target this audience. Potential Financial Planner Switchers live in the city, or in urban/metropolitan locations (40%), according to AudienceSCAN. Try a daily deal offer for your advertisers ‰ÛÒ 39% purchased and used daily deal vouchers for businesses they’d never used/shopped at previously. 41% of potential switchers use iPhones and 45% use them to look up business info/location.

AudienceSCAN data is available as part of a subscription to AdMall for Agencies. Media companies can access AudienceSCAN data through the Audience Intelligence Reports inåÊAdMall.

Courtney Huckabay
Courtney is the Editor for SalesFuel Today. She analyzes secondary customer research and our primary AudienceSCAN research. Courtney is a graduate of Middle Tennessee State University.