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, and wealth transfer, highlighting a disconnect between perceived financial management and actual preparedness for wealth transfer [1][2][5]. Wealth Management Attitudes - 66% of affluent Americans believe they manage their money better than others, with only 4% feeling they do worse [1][2]. - Approximately 50% of affluent Americans report being very prepared to pass down wealth, despite 94% intending to do so [4][5]. Retirement Expectations - Affluent Americans expect to need $5.5 million to retire and pass down wealth, while $3 million is deemed necessary for a comfortable retirement [3]. - Nearly 1 in 5 affluent Americans (18%) are uncertain about their retirement timing, with 44% concerned about maintaining their lifestyle post-retirement [3]. Financial Planning and Preparedness - 75% of affluent Americans have a written financial plan, typically updated within the last three years [2]. - Only 40% have an estate plan, and two-thirds have a will, indicating significant gaps in estate planning [4]. Role of Financial Advisors - 89% of affluent Americans credit financial advisors for helping them grow their wealth, with additional benefits including reduced stress (58%) and enhanced feelings of preparedness (66%) [6]. - Younger generations are increasingly engaging with financial advisors earlier, with Millennials starting at an average age of 29 compared to older generations [7]. Company Overview - First Citizens Wealth offers a comprehensive set of services to assist clients in achieving their wealth planning objectives, emphasizing a holistic and personalized approach [9][10].