Most Americans pursue wealth for emotional rather than material reasons as 65 percent define wealth as peace of mind while 54 percent define it as happiness.
The Why of Wealth survey by Boston Private, a provider of wealth management, trust and private banking services unveiled the psychological factors playing into how Americans interact with their wealth. This new report aims to uncover the emotional relationship people have with their finances.
The survey found that while the purpose of wealth evolves as people’s lives change, achieving wealth is an ongoing journey, with numerous drivers and, at times, paradoxes. For example, while 72 percent of the wealthy Americans surveyed name family as the biggest driver for pursuing wealth, nearly half feel that the cost of that pursuit is less time spent with family (47 percent).
Boston Private’s survey also found wealth relationships greatly varied by demographic. Men (29 percent) are more driven to pursue wealth for a passion or hobby than women (15 percent). Millennials feel the greatest sense of responsibility across age groups to give back when thinking about their wealth (60 percent).
Business owners (44 percent) are much more likely to think of wealth as representing potential compared to non-business owners (16 percent) and ultra high net worth individuals (22 percent) are the least likely to believe that wealth enables a better quality of life compared to everyone else (43 percent).
Headquartered in Boston, Massachusetts, Boston Private has offices across the US including in San Francisco, San Jose, Los Angeles and Palm Beach.