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PNC Wealth Management’s Steve Pappaterra on a recent survey of affluent Americans.
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They're getting a lot of flak from the far left but what's really going on in the minds of nation that the nation's wealthiest.
A new survey might surprise you joining me now with the results -- -- terra.
Senior vice president and managing director for PNC wealth management Steve welcome to the show great to have you here.
Tell us a little bit about your survey.
-- The survey was really.
-- survey of affluent individuals but 560.
Respondents across a wide spectrum of geography and age.
And it included individuals who had a million dollars of invest in the last -- Excluding 401K plans many of them had much more than one million.
Are right so so people who are legitimately millionaires.
Now the majority of the nation's wealthy said they worked rich growing out push surprises me tell us more about that.
Yes that was actually pretty interesting 75%.
Identified themselves as being average.
When they grew up 12% actually considered themselves -- in the same amount 12% considers himself well off or wealthy.
I thought the -- these people have ever ate it fascinating.
The most important goal for wealthy individuals -- it's about their kids.
Tell -- about that.
Yeah I think it really.
It's interesting because I think what you find with the affluent much -- you find with many Americans.
Is that they are in many ways full of contradictions so for example 82%.
Of those who responded to the survey said that they wanted their children to create their own -- 84%.
Said that their number one goal.
Was to create successful.
Hard working children at the same time 91%.
Said that they wanted to give more to their children than they received and most of those who responded said that they receive some help but not a whole lot.
-- -- that's so interesting now.
I would think these people have been impacted by what's gone on in the economy.
Would what did they tell you about what they're doing with their money or how they're handling the money they intend to give to their children.
Well interestingly.
There seems to be in many -- -- gap between.
Their aspirations.
And the practicality says the economic situation so for example.
If you look at those individuals who responded who said look I want my children to be hard working get their own wealth.
At the same time they recognize a couple of things one the economy is -- the job market for young age kids coming out of college.
Is very very difficult education cost are really expensive.
And at the same time they themselves the affluent do not believe that they -- -- there's much to their children as they once thought.
And there are many reasons for that.
A large part it has to do -- if you look at the economy today low interest rates mean the idea of putting -- nest -- together.
And being able to live off of that -- -- simply not going to happen people are gonna have to spend down principal -- huge high cost of medical care.
And the cost associated with living longer the fact that we don't have defined benefit pension plans very much the vulnerability of Medicare and Social Security.
And finally.
And I think this cannot be overstated the foundational jolt that many of these individuals talk.
With the 20082009.
Financial crisis where all of a sudden.
There -- measurements for success were no longer in terms of being are not beating the S&P or some other benchmark but rather whether or not.
The companies that they invested in survived at all that's really really important and -- still having a very large affect you see that the survey all right and I see with the my clients.
I'll I'll give your last data point which -- I've which surprised me leaving a legacy to the group of people that you interviewed 46% said.
In means being remembered.
And passing on traditions that's -- and I thought I really like that it's not about the money it's not always about the Benjamin's C thanks for coming on tonight interesting survey.
Appreciate your time.
Thank you so much.
RA it's.
