A majority of affluent Americans are highly engaged in most aspects of their lives, but a significant number are not actively engaged in their portfolios, according to a new study released Wednesday by Charles Schwab.
Koski Research in mid-April surveyed 1,000 Americans on behalf of Schwab. Respondents ranged in age from 25 to 75, had $250,000 or more in investable assets and were mainly clients of large, national brokerage firms.
They were also highly engaged in their lives. Respondents said it was important for parents to be active in their children’s education (88%), thought hard work made the country great (74%) and conducted their own research before making major purchases (86%) or on health concerns (67%). Only 4% would let a professional make decisions without their involvement.
The study found that 61% of respondents were actively involved in their investment portfolios, while 39% said they were not actively engaged.
All survey respondents exhibited similarly tenacious attitudes and behaviors in their lives, but numerous differences emerged between those who were engaged in investing and those who were not.
Of the more engaged, 72% reviewed their portfolio every month, but only 37% of the less engaged did. Sixty-one percent of the former took time to understand available investment products, while 23% did not.