- 82% of US investors see permanent financial/lifestyle changes
- 75% of global investors see permanent financial/lifestyle changes
Some impacts of the COVID-19 pandemic are here to stay. Among those impacts are the financial and lifestyle choices of wealthy investors around the globe, according to a UBS survey recently released.
UBS surveyed a pool of 3,750 investors in 15 major world markets. Investors surveyed represented the following groups:
- Those aged between 25 and 30 with a minimum of $250,000 in investible assets
- Those aged between 31 and 39 with a minimum of $500,000 in investable assets
- Those aged 40 and above with a minimum of $1M in investable assets
Nearly 73% of Millennials, those under 40 years old, felt as though their jobs, careers and finances were and will continue to be negatively impacted by the pandemic. Boomers, 66% of them, felt as though their finances have been negatively impacted.
According to Jeff Scott, head of client research at UBS Global Wealth Management, said, “The younger investors felt that their jobs were impacted; they had to juggle between working and helping kids at home. Additionally, they had to increase financial support to their extended families.”
How such financial, job and career choices are made is currently anecdotal at this point due to insufficient data however, 46% of wealthy investors are considering permanently moving away from cities to less populated areas. According to the UBS survey, just 30% of US investors are planning to move away from cities while 46% of global investors are intending to move away from crowded metros to less dense areas within their own or other countries.
How finances play out in terms of paying more to support extended families is again anecdotal though real estate agents and brokers are seeing a demand uptick for larger homes and family-compound type estates that may accommodate multi-generational family living.
The top priority across all generations and around the globe centers around health and well being issues. 88% of all wealthy investors wherever they live say that staying healthy is their top priority. If maintaining their health and well being is number one on the list, wealthy investors are willing to travel less, work remotely more of the time and pay for home amenities that promote their well being and healthy lifestyle choices such as at-home-office suites, indoor/outdoor pools, home gyms, green home building materials and green home air treatment systems.
Paying special attention to that last paragraph, agents, brokers and builders?
Thanks to Penta.