Millionaires Share Practical Financial Tips in New Research from Ameriprise Financial
06 Novembro 2023 - 9:00AM
Business Wire
Investors with $1 million or more say
“financial planning and investing” is the No. 1 action that helped
them build wealth, followed by “making a good income” and “living
within my means”
What does it take to become a millionaire? New research from
Ameriprise Financial (NYSE: AMP) confirms that it comes down to
practical behaviors and discipline around money.
Ameriprise surveyed 580 Americans ages 27-77 who currently have
a million dollars or more in investable assets to understand how
they built their savings. Eighty percent cited “financial planning
and investing” as the top driver behind their ability to accumulate
more than $1 million. They also said, “making a good income” (71%)
and “living within my means” (69%) contributed to their financial
success. Only 13 percent credited “luck” for their good
fortune.
The Ameriprise study probed further to understand how
millionaires view wealth. Most (85%) agreed that wealth means
having a sense of financial security. Sixty-six percent of those
surveyed said they associate the term with “the ability to provide
for myself and my family,” and 58 percent linked it to the “freedom
to do what I want.”
“There is no standard definition of what it means to be wealthy,
but in general, investors associate it with having the means to
live life on their terms,” said Marcy Keckler, Senior Vice
President of Financial Advice Strategy at Ameriprise. “Whether
that means having $1 million, $10 million, or any other figure,
building wealth requires planning, prioritization, and taking steps
to protect your future.”
Data from the survey was collected as part of a larger study
Ameriprise published earlier in 2023.
The deeper look at millionaires also revealed:
- Most millionaires don’t consider themselves wealthy. Six
in ten (60%) investors with $1 million or more surveyed classify
themselves as upper middle class, and an additional 31 percent say
they are part of the middle class. Only eight percent characterize
themselves as wealthy. For comparison, a quarter (25%) of those
with $25,000-$999,000 in investable assets say they are upper
middle class, 58 percent say they are middle class and two percent
say they are wealthy.
- Millionaires’ financial priorities differ from less affluent
investors. Investors with more than $1 million revealed that
their top three financial priorities are “protecting accumulated
wealth” (62%), followed by “saving for retirement” (43%), and
“managing market volatility” (32%). Comparatively, investors with
under $1 million in assets said, “saving for retirement” is their
top priority (49%), with “managing day-to-day living expenses”
(42%) coming in second, and “increasing income” (35%) and “paying
down debt” (35%) tying for third.
“Millionaires want to protect their hard-earned wealth and
they’re looking for peace of mind that they’re on track to reach
their next financial goals,” said Keckler. “It’s encouraging to see
so many of them taking sound financial principles to heart.
Investors at any life stage or wealth level can benefit from a
comprehensive financial plan that accounts for their unique goals
and the inevitable bumps in the road along the way.”
About the survey
The 2023 research was created by Ameriprise Financial Inc. and
conducted online by Artemis Strategy Group from January 19 to
February 14, 2023 among 3,518 Americans ages 27–77. Millennial
respondents have $25,000 or more in investable assets, and Gen X
and boomer respondents have $100,000 or more. The sample is
weighted on region and by generation on age, gender,
race/ethnicity, assets, and income based on the Federal Reserve
2021 Survey of Household Economics and Decisionmaking (SHED). To
ensure sufficient response sizes for additional analysis,
Ameriprise oversampled investors who identify as millennials. For
further information and details about the study, including
verification of data that may not be published as part of this
report, please contact Ameriprise Financial or go to
ameriprise.com/millennials.
About Artemis Strategy Group
Artemis Strategy Group is a communications strategy research
firm specializing in brand positioning, thought leadership and
policy issues.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel
confident about their financial future for more than 125 years.
With extensive investment advice, asset management and insurance
capabilities and a nationwide network of approximately 10,000
financial advisors1, we have the strength and expertise to serve
the full range of individual and institutional investors' financial
needs.
Artemis Strategy Group is not affiliated with Ameriprise
Financial, Inc.
Ameriprise Financial cannot guarantee future financial
results.
Ameriprise Financial Planning Services are optional, offered
separately, and priced according to the complexity of your case and
your financial advisor’s practice fee schedule. Your fees and
financial advisor may be subject to change.
Financial planning is generally appropriate if you have
financial goals, sufficient assets and income to address your
financial goals, and are willing to pay an investment advisory fee
for recommendations to help you achieve those goals. Please review
the Ameriprise Financial Planning Client Disclosure Brochure or,
for a consolidated advisory relationship, the Ameriprise Managed
Accounts and Financial Planning Service Disclosure Brochure, for a
full description of services offered, including fees and
expenses.
Investment products are not insured by the FDIC, NCUA or any
federal agency, are not deposits or obligations of, or guaranteed
by any financial institution, and involve investment risks
including possible loss of principal and fluctuation in
value.
Investment Advisory products and services are made available
through Ameriprise Financial Services, LLC a registered investment
advisor.
Ameriprise Financial Services, LLC. Member FINRA and SIPC.
© 2023 Ameriprise Financial, Inc. All rights reserved.
1 Ameriprise Financial Q2 2023 Earnings Release.
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Stephanie Siegle, Media Relations 612.671.2593
stephanie.siegle@ampf.com
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