Ultra-high-net-worth investors are slightly more concerned about their physical fitness than their fiscal well being, but only a minority are trying to live a healthier life, according to the Spectrem Group.
Among investors with between $5 million and $25 million in assets, 63 percent are concerned about their spouses’ health and 56 percent are concerned about their own health, according to a Spectrem survey.
This compares to 57 percent who are concerned about securing the financial situation for their children and grandchildren and 55 percent who are concerned about maintaining their own current financial situation.
The Spectrem Group, a research and business consulting firm for financial issues, surveyed about 432 people.
A recent study by the University of Washington showed wealthier Americans live longer than those at the lower end of the income spectrum, “so it is not surprising that health issues would be of elevated concern,” says Spectrem.
High-net-worth individuals report they are making more changes to live a healthier lifestyle than they did five years ago, but in most cases it is only a minority of those surveyed.
The most cited changes are putting an end to overeating, smoking, or drinking too much caffeine—steps that have been taken by about 31 percent of those age 47and above and by 17 percent of those under 47. At the same time, almost two-thirds of boomers ages 47 to 64 and 30 percent of those over 65 said they are trying to quit smoking, overeating and indulging in other bad habits.
Similarly, they say they are exercising more than they did five years ago, with 23 percent of those over 65 exercising more, 22 percent of those 55 to 64, and 20 percent of those 47 to 54. This goes down to 9 percent for those under 47. Spectrem speculates that younger people may already have adopted more healthy lifestyles prior to five years ago.
Just 11 percent overall say they are monitoring their weight more and only 7 percent say they are eating healthier foods. Fifteen percent see the doctor more often.
Spectrem noted that health care expenses are a key component of spending in retirement. Health care costs were 12 percent to 18 percent of income for those aged 65 and older, with the cost rising with age, according to surveys by the Employee Benefit Research Institute.
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