While a majority of affluent investors report feeling good about their overall financial health and their ability to manage their finances, a significant percentage (39%) of wealthy investors say they don’t have confidence in their own ability to manage their investments during periods of market turbulence, according to a new Wells Fargo Affluent Investor survey.
Based on an online survey of 1,983 affluent investors between ages 30 and 75 who have $250,000 or more in investable assets excluding retirement and property assets conducted by Harris Poll, the Wells Fargo found that a great majority of wealthy investors feel confident in their retirement savings.
The Wells Fargo study revealed that in general, non-retired affluent investors feel like they’re on the right financial path to retirement. In fact, 92 percent of this group report feeling confident they’ll have enough money to support the lifestyle they want in their retirement years. Nearly three-fourths (74%) of non-retired affluent investors say they are currently able to save enough to meet their retirement goals.
But despite their overall confidence in their ability to meet retirement goals, affluent investors have some regrets when they look back at how they handled their finances in the past. The most common financial missteps they regret when looking back at the past 10 years is not having made better investments, not saving more and spending less, and not having enjoyed their money more.