Millionaires worry about health, but not necessarily their own.
There are more than 10 million Millionaires in America today, and they obviously come in all shapes and sizes.
They also are of different ages. As such, they have different views towards the concerns that most Americans have regarding their health, their money and their future.
Spectrem’s latest wealth segmentation series study Financial Behaviors and the Investor’s Mindset examines the concerns of Millionaires (those with a net worth between $1 million and $5 million not including primary residence) and found that the age of the Millionaire alters their attitude toward issues related to their immediate and long-distance future.
The most significant concern of Millionaires overall is the health of a spouse; (51 percent of Millionaires indicate that is a concern of theirs. Obviously, that concern is going to be greater among older Millionaires, and 59 percent of those from the World War II era admitted as such. Among Gen Xers and Baby Boomers, that concern rated at 50 percent, while Millennials came in at just 40 percent.
But in terms of the investor’s own health, while 50 percent overall said that was an issue, 60 percent of Millennials reported that concern. That percentage dropped to 47 percent among Baby Boomers, and was 54 percent among the World War II investors.
Oddly, Millennials were also the most concerned about spending their final years in a care facility, with 60 percent agreeing with that statement. Only 47 percent of Baby Boomers agreed, and overall 49 percent of Millionaires were concert about their final years.
Exactly half of Millionaire’s expressed concern about maintaining their current financial position, but 80 percent of Millennials reported that concern, the highest level of concern among all investors and questions.
It makes sense then that the highest percentage of Millionaires concerned about losing their job (or about their spouse losing their job) would be among Millennials at 40 percent. Gen Xers came in at 38 percent, while the overall percentage was 26 percent.
Millennials apparently worry about everything. Sixty percent said they had concerns about using their wealth to help others, while only 22 percent of all Millionaire’s felt that way.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.