Post-pandemic stress: UK high net worth individuals increasingly anxious about their own wealth
High-net-worth-individuals (HNWIs) are increasingly less confident when it comes to their own money, with almost two-thirds saying they feel ‘anxious’ about their wealth, according to new data shared with City A.M. this morning.
Younger people much more likely to feel anxious than older generations, according to the Saltus Wealth Index, which surveyed surveyed attitudes of over 1,000 people in the UK with investable assets of over £250,000 about how they felt about the UK economy, their own wealth and what matters most to them personally.
When asked if they agreed with the statement ‘my money makes me feel anxious’, more than one-in-four (28 per cent) of respondents aged under-24 said they ‘strongly agree’ and 39 per cent said they ‘somewhat agree’.
In contrast, just 8 per cent of respondents over-65 said they ‘somewhat agree’, and none ‘strongly agreed’ with the proposition.
The research also found that the greater their net worth, the more anxiousness that was experienced by respondents.
Amongst those with assets of £3m and above, over a third (35 per cent) said they ‘strongly agree’ that their money makes them anxious, compared to fewer than one-in-five of those with assets of less than £1m.
Respondents believe that Covid-19 has presented the biggest threat to their wealth, with almost a third (31 per cent) citing the long-term impacts of the pandemic having the greatest impact, closely followed by inflation (28 per cent).
“The UK faces a series of unprecedented challenges, with recovery from the pandemic, decarbonising the economy and addressing historic inequalities all major priorities,” commented Michael Stimpson, Partner at Saltus.
“There are a number of factors causing these feelings of unease, including lingering post-pandemic uncertainty, which highlights more than ever the importance of having a robust financial plan in place, for both financial and personal wellbeing,” he added.