New research by Arbuthnot Latham has highlighted the financial concerns of more affluent individuals, with 87% concerned about the economy.
A similar number (81%) say they feel stressed or worried about money on a regular basis.
The research surveyed more than 500 UK residents worth at least £100,000, with 60% of respondents having a net worth between £100,000 and £499,000 and 40% worth more than £500,000.
The reasons behind their financial concerns are varied, says Arbuthnot Latham. More than half (51%) of respondents said they are concerned about how they will maintain their lifestyles in later life, while 39% are worried about preserving the value of their investments in the current climate.
A quarter (25%) are thinking about how to provide for their children and grandchildren.
Despite their financial anxieties, less than a third (30%) of those surveyed felt they could talk to their bank about money when something big happens in their life. The private bank said many experienced a knee jerk reaction, with 48% of wealthy individuals considering spending less on entertainment such as holidays and going out.
Kevin Barrett, managing director, private and commercial banking at Arbuthnot Latham, said: “Our research reveals that even for people who would typically be regarded as having more affluent wealth profiles, financial peace of mind is about more than just your bank balance. This only underscores the critical role for readily available, personalised support and guidance in ensuring long-term financial security and wellbeing.”
Barrett added that technological advancements over the past decade have created a self-service economy and greater convenience than ever before. However, he cautioned that this data “really brings home the continued importance of human scale and the value of professional advice from someone who has taken the time to truly understand your needs.”
