Nearly half of affluent Americans have spent time during the coronavirus pandemic organizing their financial lives, according to a new study.
During the pandemic, some wealthy individuals were prompted to rethink their finances after facing "threats to financial success outside of their control," such as stock market volatility or the economic recession that was induced by the pandemic, according to the study from Bank of America
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"The health crisis has caused many people to take stock of their life priorities and to control what they can during a period of uncertainty,” Aron Levine, Bank of America president of preferred and consumer banking and investments, said.
Financial advisor and a couple going through paperwork during the pandemic. (iStock)
Respondents across generations cited numerous "prominent threats" to their financial success that were outside of their control over the past year.
About 62% were concerned about the economic recession and 55% were concerned about market volatility. About half of the respondents were worried about the rising cost of health care and 44% were concerned about the continuation of the global health crisis.
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Despite the uncertainty presented by the virus, most respondents said that they are "on track to reach several financial milestones earlier in life than their parents."
About 84% of people say they plan to achieve or have already achieved one or more financial milestones earlier than their parents, according to the survey. More than half (53%) of that group of respondents said they have already achieved or plan to achieve five or more financial milestones earlier than their parents.
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This includes milestones such as opening an investing account or saving for retirement.
The survey is based on adults that are at least 25 years old who have investable assets between $100,000 and $1 million, and 18- to 24-year-olds with investable assets between $50,000 and $1 million.