Cost of living now affecting investing
The cost-of-living crisis is affecting people across the world, but surely it hasn’t hit the wealthy? Well, it has, and private banks and wealth managers need to move.
The latest data from Charles Schwab UK shows that the high cost of living is affecting people’s investment plans and actions. 74% of investors are rethinking their initial plans, and more than half (55%) are decreasing their investments. There has been a 6% decline (to 36%) in the number of investors increasing their investment amount, and an 8% decrease (to 45%) in the number of those saying their assets have increased.
According to 2021 research commissioned by Singapore-based life insurance carrier Prudential Singapore (which polled 250 HNW women in Singapore aged 35 and above), 44% feel unsure about their financial future. The main sources of their financial unease are a lack of information about wealth management and a fear that their investments may fail. The percentage of high-net-worth females remained low in 2022, but it was continuously higher than the Asia Pacific average.
Patrick Brusnahan, editor