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| News & Scoreboards |
Young Investors Look to Plans
03/01/2004
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Investors under the age of 45 are more likely than their older counterparts
to believe a financial plan is necessary and to put that plan in place,
according to a recent Chase Personal Financial Services survey of 459
individuals with liquid assets ranging from $250,000 to $10 million. Nearly 90
percent of the younger investors agreed they need a financial plan, and 87
percent have a plan in place. Among older respondents, 79 percent agreed they
need a financial plan and the same percentage said they had a plan.The
survey showed a steep drop in the number of people who consider themselves
aggressive investors, with most now preferring middle-of-the-road strategies
that they hope will allow them to reach long-term goals. When deciding how to
invest, 63 percent of those questioned characterized their approach as moderate,
24 percent were conservative, and only 14 percent said they were aggressive. The
results were in sharp contrast to those from a similar survey conducted in 2000,
when 48 percent of the respondents said they were aggressive, 44 percent favored
moderation, and only 9 percent characterized themselves as
conservative. Nearly half of those polled said they plan to work with a
financial advisor in the next year to update or establish a financial plan.
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