Like everyone else, wealthy Americans have financial issues. But in the popular imagination, such concerns are unique to the moneyed classes, like how to equitably distribute an estate valued at millions to children and grandchildren.
So it may come as something of a surprise that many of the high net worth worry about being a financial (not to mention emotional) burden on their families should they become too old and frail to care for themselves. This revealing finding is unveiled in a new UBS Investor Watch report, “Unassisted Living.”
The survey reports that more than 4 in 10 wealthy investors (42 percent) flag as their “greatest fear” becoming a burden to their children as they age. The worry outweighs fears of surviving on life support (34 percent) or living in a nursing home (15 percent).
Though wealthy investors prefer not to seek their children’s assistance, the report adds, few have discussed their wishes or developed a plan. Just 39 percent of investors have talked with children about who will care for them in old age. Only half (50 percent) have factored healthcare costs into their financial plan. And only 23 percent have saved for their future care.