United Kingdom Wealthy Savers and Investors Consumer Research Report 2020
Dublin, Sept. 28, 2020 (GLOBE NEWSWIRE) -- The "Wealthy Savers and Investors Consumer Research Report 2020" report has been added to ResearchAndMarkets.com's offering.
The aim of this report is to study UK consumers with wealth held in saving and investment assets of UKP75,000 and above
It considers how these individuals invest their money and obtain and judge the advice they receive when they make financial investments. Wealth in this context is taken to include money invested in risky investment products and money held as cash. For this report, the publisher commissioned Made in Surveys Group (MIS) to conduct a survey among its online panel, drawing on a nationally representative sample of 2,076 UK adults aged 18+, which generated a sample of 397 individuals who can be considered as wealthy.
20% of consumers who own any savings or investment products in the UK are considered wealthy, that is they have a minimum of UKP75,000 held in investment or saving products. Most of the Wealthy (80%) have saving and investment wealth of UKP100,000 or more.
The Wealthy are characterised as being:
More likely to be male rather than female
Individuals of greater affluence, as measured by income
Individuals from the higher social grades
Older than the Not Wealthy, although a comparatively large percentage of the wealthiest fall into the 35-44 age group.
More likely to live in London compared with the Not Wealthy.
When investing and saving money, the Wealthy are characterised by being more likely than the Not Wealthy to:
Establish clear motives for saving/investing (whatever they may be)
Have the financial comfort to be able to save/invest regularly - i.e. to have a certain level of household income.
Be more likely to be saving and investing over the longer-term (e.g. retirement/old age) and medium-term.
Be more confident they can reach their saving and investing goals.
Be looking for capital gains over the medium to long-term rather than short-term income.
Key Topics Covered:
Executive Summary
One-in-five savers and investors are wealthy
The Wealthy are mainly Investors who plan
Wealthy Savers and Investors minimise risk by owning a broad portfolio of products
The Wealthy are the most active
When saving or investing the Wealthy prefer a lump sum
The Wealthy select on the basis of five factors
12% of Wealthy Savers and Investors are Under-Advised
Professional financial advisors, the preferred information resource
The Wealthy might be sophisticated investors, but they may still be susceptible to scams and mis-selling
With major knowledge gaps
Almost half have been exposed to suspicious action
Over six-in-ten negatively impacted by COVID-19
Introduction
Definitions
Who are Wealthy Savers and Investors?
Two-in-ten consumers are wealthy
Age, gender and income the great discriminators
The saving and investing spectrum
Saving and Investing Preferences and Goals
Wealthy individuals control their finances tightly
The Wealthy have longer time horizons
The Wealthy are more likely to be Strategists
The Wealthy are confident they can achieve their goals
The Wealthy are more accepting of risk
The Wealthy prefer capital gains
Most of the Wealthy check their finances monthly
Where Money is Saved and Invested
The Wealthy tend to be Investots
The Wealthy may invest but they also own cash assets
ISAs and funds the most important assets for the Wealthy
Important assets are diversified at an exponential rate
The Wealthy also use Intra-portfolio diversification to minimise risk
Most Wealthy fund owners seem to understand what they are being charged
Ownership of ESG products relatively high among the Wealthy
The Importance of Wealthy Savers and Investors
The Wealthy are prime customers for riskier/niche products
The Wealthy were key drivers of new investment in the past year
Cash and shares the focus for the Wealthy in the next year
The Wealthy represent one-quarter of those saving/investing in the next year
How the Wealthy Save and Invest
When saving or investing the Wealthy prefer a lump sum
The wealthiest consumers like to invest via fund platforms
The Drivers of Product Choice
Income return the main driver
Getting Advice and Sourcing Information
Most Wealthy savers and investors feel they can manage alone
The Wealthy like self-control of their finances
The Under Advised
The just Wealthy the most likely to be Under-advised
Financial management matches the assets owned
Professional financial advisors, the preferred information resource
Professional resources offer the most value
If using professional advice, the Wealthy like to use IFAs and seek investment advice
Susceptibility to Scams and Mis-Selling
Almost half invest in highly risky products
Significant gaps in knowledge exposes consumers to scams and mis-selling
Less than one-third of Wealthy savers and investors have strong protection
The Very Wealthy are leaving themselves exposed
Almost half of the Wealthy exposed to suspicious activity
The Impact of Covid-19 on the Wealthy
Six-in-ten Wealthy savers and investors impacted by COVID-19
Just over half of the Wealthy have taken counter measures
COVID-19 leads to a significant downgrading of sentiment
Despite COVID-19, the Wealthy have enjoyed healthy returns
For more information about this report visit https://www.researchandmarkets.com/r/301keh
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