As wealthy investors age, they are greatly afraid of being a burden to their children, according to UBS Wealth Management Americas' recently released quarterly UBS Investor Watch report, "Unassisted Living."
Here are six findings from the report.
1. The report showed the greatest fear among wealthy investors as they age is being a burden to children (42 percent). That was higher than their fears of surviving on life support (34 percent) or living in a nursing home (15 percent).
2. Few investors have discussed their wishes with their children or developed a plan. According to the report, 39 percent of investors have talked with children about who will take care of them in old age, and only half (50 percent) have factored healthcare costs into their overall financial plan.
3. Only 23 percent of investors have saved for their future care.
4. Nearly half — 47 percent — of respondents who currently provide care for their parents described caring for parents as a heavy burden. Forty-one percent described it as a moderate burden and 12 percent believe it was a minimal burden, the report found.
"Maintaining self reliance is important to the vast majority of investors," Paula Polito, UBS Wealth Management Americas client strategy officer, said in a news release. "Having a plan in place for long-term care before they actually need it will help them avoid burdening their children."
5. The report also found generational differences in caring for the aged. Only one-third of wealthy investors (36 percent) plan to turn to family for support or care. More than half — 64 percent — would like to solicit outside help. That's in contrast to previous generations. The report found 74 percent of wealthy investors' grandparents relied on family for long-term care, and 57 percent of wealthy investors' parents did the same.
6. Although a majority of wealthy investors don't want to be a burden to their families as they age, when they do rely on relatives to fulfill their caregiving needs, 66 percent would rely on a daughter.
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