Financial knowledge highest coveted by the highest net worth, according to a Spectrem Group study.
More than half rate their financial knowledge as "extremely important" to them, while nearly 40% say it’s important. On the other hand, about a quarter of investors with less than US$100,000 say their financial knowledge is "extremely important" while 47% say it is "important" and about 23% say it is "somewhat important."
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Along with using a financial advisor, the highest net worth are most likely to conduct their own research. More than seventy percent (73%) of Millionaires say they rely on company reports, fund prospectus and expert opinions when making investment decisions. In contrast, about 55% of investors with less than US$100,000 conduct independent research.
Accordingly, the highest net worth investors are more likely than less wealthy investors to show a passion for investing as something they would not want to give up (67% vs. 58% of high net worth respondents overall). Also, 62% said they like to be actively involved in the day-to-day management of their investments, compared with 57% of respondents overall).
Where is this financial knowledge coming from? The largest percentage of the wealthiest high net worth investors checkup more frequently with a financial advisor. More than a third (35%) of the highest net worth identify themselves as advisor-assisted investors, 28% of high net worth investors identify themselves as such.
Twenty percent (vs. 14% of respondents overall) are advisor-dependent, meaning that an advisor makes all investment decisions.
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By GlobalData
