Wealthy investors say keeping physically fit is as important to them as staying fiscally fit, but their actions belie their words, according to a new study.
Spectrem’s Millionaire Corner surveyed investors with a net worth between $5 million and $25 million (not including primary residence) for a first-quarter wealth level study.
Respondents expressed more concern about the health of their spouse (63%) and their own health (56%) than about securing their descendants’ financial situation (57%) and maintaining their own current financial situation (55%).
High-net-worth respondents, on average, were older than their less wealthy counterparts, so it was not surprising that health issues would be of elevated concern, the report said.
Thirty percent of high-net-worth investors reported that they had worked in the past five years to cut out counterproductive habits such as smoking, overeating, drinking and caffeine intake. This compared with less than 25% of younger millionaires and mass affluent investors, who may have already adapted a healthier lifestyle.
But the study suggested that if these high-net-worth investors were indeed working to improve their health habits, it was only part time at best.
Just 11% said they were monitoring their weight more than they had five years ago, while only 7% said they were eating healthier foods. Fifteen percent were seeing their doctor more often.