Lack of planning and competing priorities stop wealthy individuals from putting their wealth into action, according to a survey by U.S. Trust.
Of the HNWs and UHNW individuals polled in the US, 90% said that they have gained the freedom to do more with their wealth but face hurdles due to competing priorities.
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Less than half (49%) said that they plan for their wealth, while 47% said that they have a clear purpose.
In particular, HNW millennials were found to reduce their large cash allocations from 47% to 21% of total portfolio holdings. However, they were found to have the lowest stock allocations compared to other age groups.
Besides, 80% of HNW investors expected companies to make a profit and at the same time take responsibility for their impact on the environment and society.
The study also revealed the growing significance of women as wealth creators and decision-makers, with women found to be the equal or primary income earners among four in 10 HNW couples.
Also, 38% of the women investors polled were found to take the lead on or contribute equally to important investment decisions.
U.S. Trust president Katy Knox said: “Life is a balancing act of personal, professional and family needs and goals that requires comprehensive financial planning.”
