Wealthy Americans Optimistic about Financial Future

Wealthy Americans Optimistic about Financial Future

Wealthy Americans Optimistic about Financial Future

As the economy in the United States begins to recover from the recession, many Americans feel a sense of optimism greater than they had before the recession regarding their financial future.

The Mintel organization published a report recently entitled Wealth Management-January 2011 that shows that more than 80 percent of households with high net worth are optimistic regarding their personal financial situation for a five year period.

Households with high net worth are considered to be those with a minimum of half a million dollars in investments, excluding property. 76 percent of these people are optimistic for a twelve month period but 42 percent indicated pessimism over the coming year’s prospects.

Male respondents were more optimistic than females. Over half of the women; 51 percent; said they were pessimistic regarding the financial future while only 36 percent of the men felt that way.

Around half of the people in the study said that their household has deferred or cut back on spending due to the recession.

More women reported cutting back on spending than men.

Susan Menke, behavioral economist and vice president at Mintel, said it is obvious that wealthier households did not feel the recessionary pinch as fully as others, but they still have concerns. One of these concerns is that 54 percent, more than half of the respondents, had seen the value of their real estate and property decline.

A second concern is job loss for someone in the household. The third concern is having enough money in a retirement savings account.

Log in