Survey: Wealthy Investors Fear Becoming a Burden

The #1 fear for wealthy investors is becoming a burden to their children according to a survey from UBS and described here by Financial Advisor magazine:

Wealthy investors’ greatest fear could become their children’s worst nightmare.

Investors with at least $1 million in assets worry most about becoming a burden to their children, but are failing to adequately plan for their own long-term care, according to a UBS survey of 1,849 investors.

Burdening children, at 42 percent, topped surviving on life support (34 percent) and living in a nursing home (15 percent) as the greatest fear for investors.

Perhaps that’s because 47 percent of investors caring for their own parents describe it as a “heavy burden.”

UBS attributes the difficulty of providing long-term care for elder family members to longer lifespans, more costly and complicated care choices and the geographic diaspora of families.

Just 39 percent of investors have talked with their children about who will take care of them in their old age, and only 50 percent have factored health-care costs into their overall financial plan.

Only 36 percent of wealthy investors say they plan to turn to family for support or care as they age, with the vast majority preferring to seek outside help.

If their intentions hold true, wealth investors are disrupting the traditional long-term care scenarios: 74 percent remember their grandparents relying on family for long-term care and 57 percent say their parents did the same.

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E.J. Smith - Your Survival Guy

Preparing your investments and family for when disaster strikes.

E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.

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