First Citizens Wealth Study Reveals Insights on Affluent Americans’ Money Management and Planning Behaviors

Are you managing your money better than others? According to a recent study conducted by First Citizens Wealth, the wealth management division of First Citizens Bank, 66% of affluent Americans believe they are doing just that. But what about planning for the future and passing down wealth to heirs? The study reveals some interesting insights on the behaviors and attitudes of affluent Americans when it comes to money management.

One key finding from the study is that affluent Americans expect to need $5.5 million to retire comfortably and pass down wealth to their heirs. However, only 50% of them feel very prepared to do so and have a written plan in place. This highlights a gap between the intention to pass down wealth and the actual readiness to do so.

When it comes to working with financial advisors, the study shows that 89% of affluent Americans credit their advisor for helping them grow their wealth. Beyond financial growth, working with a financial advisor also brings other benefits such as reducing stress, saving time, and enhancing feelings of preparedness for the future.

The study also found that younger generations are starting to work with financial advisors at a younger age, with Millennials beginning at an average age of 29. This shift indicates a growing awareness among younger individuals about the importance of wealth planning and financial management.

Overall, the study underscores the importance of early and comprehensive wealth planning to ensure a secure financial future. Whether you are already affluent or aspire to be, working with a financial advisor can help you navigate the complexities of wealth management and achieve your financial goals.

First Citizens Wealth offers a range of services and solutions to meet the unique needs of clients at every stage of their financial journey. With a focus on goals-based strategies and personalized service, First Citizens Wealth empowers clients to make informed decisions and build financial strength that lasts.

To learn more about the study and how First Citizens Wealth can support your financial planning needs, visit their website at firstcitizens.com. Don’t wait to start planning for your financial future – the sooner you begin, the sooner you’ll see the benefits in more ways than just increasing your net worth.