Affluent Americans Confident in Their Money Management Skills but Underprepared to Transfer Wealth to Heirs, First Citizens Wealth Study Finds

Core Insights - The study conducted by First Citizens Wealth reveals affluent Americans' attitudes towards money management, retirement, estate planning, and wealth transfer [1][7][12] Wealth Management and Planning - Affluent Americans generally feel they manage their money well, with 66% believing they do better than others [12][13] - However, there is a significant gap in preparedness for wealth transfer, with only 50% having a written plan in place despite 94% intending to pass down wealth [7][12] - The average expected amount needed for retirement is $3 million, while for passing down wealth, it is $5.5 million [14][12] Financial Advisor Engagement - Most affluent individuals start working with a financial advisor in their late thirties, with Millennials starting at an average age of 29 [3] - 89% of affluent Americans credit their financial advisors for helping them generate more wealth, with additional benefits including feeling more prepared for the future (66%) and reducing stress (58%) [8][12] Estate Planning Insights - The study emphasizes the importance of early estate planning, with many affluent Americans lacking a will (only two-thirds) and an estate plan (40%) [7][12] - The primary concern for affluent Americans regarding retirement is maintaining their lifestyle, which 44% identified as their main focus [14]