A recent study by Saltus Wealth Index reveals that high net worth individuals (HNWIs) are more likely to engage in wellness activities than seek professional financial counsel. According to the survey, which sampled 2,000 individuals with assets of at least £250,000 ($324,555) and an average net worth of £1.6 million, fewer than one in five (18%) sought financial advice in the past year.
The research, conducted by UK-based wealth management firm Saltus, highlights a significant shift in the priorities of wealthy individuals, with many opting to focus on physical and mental well-being over financial planning. Among those surveyed, 32% reported starting a regular fitness program within the last year, while 29% had hired a personal trainer. Additionally, 32% of respondents had taken up yoga, and 73% of participants regularly practiced the activity.
Wellness-focused behaviors among HNWIs also included a notable interest in mental health. Thirty-one percent of respondents engaged in meditation, 31% participated in therapy sessions at least once a month, and 32% made a habit of purchasing organic foods. When combined with the 40% who already see a therapist regularly, this suggests that 71% of HNWIs prioritize therapy on a monthly basis.
In stark contrast, financial advice is less frequently sought. Just 18% of those surveyed had consulted a financial planner or advisor in the past year, and only 5% had done so in the last three months.
Mike Stimpson, partner at Saltus Wealth Management, commented on the findings: “While it’s encouraging to see HNWIs taking steps to prioritize their physical and mental wellness through activities like yoga, personal training, and therapy, it’s equally important to maintain a focus on their financial health. Consulting an independent financial advisor can help individuals manage their wealth effectively, plan for retirement, and avoid costly financial mistakes. By integrating sound financial planning with wellness practices, individuals can achieve a more balanced and secure life.”
The study underscores a growing trend among the wealthy to emphasize personal health and well-being, often at the expense of professional financial guidance.
You Might Be Interested In
