Three-quarters of wealthy investors across the globe believe that life will never be the same again following the Covid-19 pandemic, with reduction in travel, moving closer to family, and forsaking cities seen as key lifestyle changes.
The findings are from a survey by UBS, which surveyed over 3,750 investors across 15 markets worldwide.
Latin American investors are the most likely to see permanent changes due to the pandemic, followed by the US, noted the study.
However, investors in Latin America were also most likely to see a silver lining in the form of investment opportunity amid the market turbulence.
In Asia Pacific, 71% of investors forecast permanent changes due to the pandemic, which is four percentage points lower than the global average.
Swiss investors are said to be least affected by the pandemic, with 56% of the investors anticipating a permanent change in lifestyle.
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Of those polled, 67% of wealthy investors said that the Covid-19 crisis has impacted how they think about their finances.
Investors now worry about being a financial burden to their family on becoming unwell (68%), working longer to make up for retirement losses (58%), not having enough savings in the event of another pandemic (56%), and leaving enough fortune for next generation (54%).
The study also revealed that 83% of the investors want more guidance than usual on financial affairs from their adviser.
UBS Global Wealth Management co-president and UBS Americas president Tom Naratil said: “The pandemic is causing many of them to rethink how they’ll fund their liquidity, longevity, and legacy needs.
“That means wealth managers have an opportunity to play an even more important role in their clients’ lives and prepare them for the post-pandemic environment.”
The UK may also see investment behaviour change following Covid-19 and is anticipated to receive a boost after the Chancellor’s summer statement. To read more on this, click here.