High net worth individuals (HNWIs) are more likely to have taken up yoga, hired a personal trainer or used alternative medicines in the past year than taken professional financial advice according to the latest research from the Saltus Wealth Index.
UK wealth management firm Saltus surveyed 2,000 people with assets of £250,000 or more – and an average net worth of £1.6m – and discovered that fewer than one in five (18%) had taken financial advice in the last 12 months.
Furthermore, 13% of respondents admitted the last time they spoke to a financial adviser was more than two years ago.
In contrast, a third (32%) said they have started a regular exercise routine in the past year, adding to the 49% that already had one. 29% had taken on a personal trainer, meaning 71% now have one, and 32% had started yoga, meaning 73% of respondents now regularly practice it.
Other ‘wellness’ habits that HNWIs have started in the past year include mediation (31%), buying organic food (32%) and regular (at least monthly) therapy sessions (31%).
When added to the 40% that already see a therapist, that means 71% of HNWIs are seeing a therapist at least once a month while only 18% have seen a financial planner or adviser in the past year; even fewer – just one in 20 (5%) – have seen one in the past three months.
Mike Stimpson, Partner at UK wealth management firm Saltus – specialists in high net worth wealth management – said: “While it’s great to see HNWIs prioritising their physical and mental wellness through activities like yoga, personal training and therapy, it’s equally important to look out for their financial health.
“Seeking advice from an independent financial adviser on your wealth for many people ensures that they can manage their finances effectively, plan for retirement, and avoid costly mistakes. By combining wellness habits with sound financial planning, it is possible to achieve a balanced, secure, and fulfilling life both now and in the years to come.”
