Based on a recent study from the Saltus Wealth Index, high net worth individuals (HNWIs) are more inclined to have tried alternative medicines, engaged a personal trainer, or practiced yoga in the past 12 months than to have sought professional financial counsel.
In a survey of 2,000 individuals with assets of at least £250,000 ($324,555) and an average net worth of £1.6m, UK wealth management business Saltus found that less than one in five (18%) utilised financial guidance over the previous 12 months.
Also, 13% of respondents said the last time they spoke with a financial consultant was over two years ago.
In contrast, a third (32%) said they had begun a regular fitness programme in the previous year, joining the 49% who already had one. 29% had hired a personal trainer, bringing the total to 71%, and 32% had begun yoga, resulting in 73% of respondents consistently practicing it.
Other ‘wellness’ behaviours that HNWIs have adopted in the last year include mediation (31%), organic food purchases (32%), and regular (at least monthly) therapy sessions (31%).
When combined with the 40% who already see a therapist, that means 71% of HNWIs see a therapist a minimum of once a month, while only 18% have visited a financial planner or adviser in the last year, and even fewer – just one in 20 (5%) – in the last three months.
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By GlobalDataMike Stimpson, partner at UK wealth management firm Saltus – specialists in high net worth wealth management – stated: “While it’s great to see HNWIs prioritising their physical and mental wellness through activities like yoga, personal training and therapy, it’s equally important to look out for their financial health.
“Seeking advice from an independent financial adviser on your wealth for many people ensures that they can manage their finances effectively, plan for retirement, and avoid costly mistakes. By combining wellness habits with sound financial planning, it is possible to achieve a balanced, secure, and fulfilling life both now and in the years to come.”
