Fewer mass affluent investors want to be actively involved in the day-to-day management of their investments, according to a new report.
Spectrem Group, a Chicago-based strategic consulting and market research firm specializing in the affluent and retirement markets, published this finding in a first quarter Millionaire Corner survey of households with a net worth between $100,000 and $1 million (not including primary residence).
Just over one-third (35 percent) of mass affluent investors polled say they want to manage their investments on a daily business, down from 41 percent in 2012. But 40 percent say that they still enjoy investing and would not want to stop, up from 34 percent last year.
The youngest mass affluent investors, the report adds, are likely to be most engaged with their portfolios. Fifty percent of those under the age of 45 say they like to be actively involved in he day-to-day management of their investments, compared to 30 percent of older affluent investors.
The majority of these investors (53 percent) consider themselves “fairly knowledgeable” about financial products and investments, but still have “a great deal” to learn. Only 11 percent consider themselves “very knowledgeable.”