Investing
Regrets? I’ve had a few: millionaires share their financial woes
Millionaires cite their three biggest financial regrets as not having a financial plan, not reviewing investments regularly and, finally, taking on too much debt, according to research released today.
The research, conducted by the deVere Group, questioned 659 clients worth £1m or more.
More than half of those questioned (57%) said that their biggest regret was not devising a reviewable strategy for their personal finances sooner.
Some 18% said they regretted not regularly assessing the performance of their investments, while 13% regretted accumulating unnecessary debt.
Other regrets included not saving enough to fund their children’s or grandchildren’s education or not having built a large enough estate to leave to their heirs (12%).
Nigel Green, founder and chief executive at DeVere Group, said: “With more than half of those surveyed citing lack of a financial plan as an overriding regret, it’s clear that this group sees value in financial planning as well as the routine review of those plans to ensure that they always remain ‘on track’ to reach their financial goals.
“While this survey focuses on high-net-worth individuals, I suspect that should the same poll of middle income earners be carried out, it would produce similar results.
“As someone’s wealth empowers them and their families to live the life they want to live, I imagine that any financial regrets would be fairly consistent.”
Clients from across Europe (and the UK), Asia, Africa, the Middle East and the US were questioned.
