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MaritzCX Wealth Poll: No Money Left for the Kids

SALT LAKE CITY, June 1, 2015 – According to a new wealth study from MaritzCX, about one-third of affluent investors are convinced they will have no wealth left to transfer to their children and another one-third are unsure. In addition, about 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 “normal,” 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 MaritzCX, 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 percent are concerned about not having enough money to last through retirement, and 30 percent believe they will have to work to provide income in retirement. “This 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,” 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. “The new retirement is not age-bound but is filled with uncertainty,” Brose added. “More than half of affluent investors say the idea of a retirement age is an outdated concept.”

 About the MaritzCX Wealth Study

MaritzCX understands that customer experience in financial services is tied closely to a firm’s ability to understand the clients’ relationship to money and investing –market opinions, perspectives and satisfaction. The MaritzCX wealth study is comprised of responses from 1,044 investors with $100,000 or more in privately held investable assets during November and December 2014. The study’s findings provide knowledge and insight for wealth managers, brokerage firms, and large bank investment managers to better serve their clients.

For more information about this study or other MaritzCX research, please contact info@maritzcx.com. To learn more about how MaritzCX software, research science, vertical market expertise, and managed program services can help businesses in all industries, please visit www.maritzcx.com.