Even the wealthiest among us worry about having enough set aside for retirement.
When high net individuals were asked their primary financial objectives for the coming year, most said building their retirement funds will take top priority. And to do so, many will be taking on greater risk in their portfolios.
More than one-third (38%) said saving more for retirement was at the top of their list in 2014, according to an international survey of individuals having the equivalent of $1.5 dollars in investable assets or more, fielded by deVere Group. Fully 22% responded they hope to be able to offer more financial assistance to loved ones, while one-in-five (20%) of those surveyed indicated they would take on riskier investments to diversify their portfolio in the coming year.
"The poll highlights that even society's wealthier people are concerned about being able to fund the lifestyle they desire throughout their retirement," says Nigel Green, founder and chief executive of deVere Group. "Their worries are fueled by soaring living costs, low interest rates, and the possibility of high, long-term medical and/or care bills in the future."
"With these factors in mind, and because of rising life expectancy, meaning the money we accumulate will have to last longer than ever before, it is prudent that putting more aside to fund retirement is the number one resolution in 2014," he adds.
The survey was conducted among respondents from the U.S., the U.K., South Africa, Hong Kong, France, Spain, Germany, Switzerland and the UAE.
"High net worth individuals' appetite for risk appears to be growing further as we move into the New Year," says Green. "The generally more optimistic feeling about the global economy combined with the low interest rate/creeping inflation environment, amongst other issues, is driving an increasing number of people to consider increasing their holdings of higher risk-higher return investments to maximize their wealth in 2014. It would seem that these people know that holding large amounts of cash for example will, typically, only make them poorer."
Green says the financial support of loved-ones is a common attribute among the wealthy.
"With many young families struggling to cope with high levels of debt and the burgeoning cost of living, financially supporting loved ones - particularly children and grandchildren with things like school and university fees - is perhaps unsurprisingly another key priority for next year amongst those we surveyed," he says.