Wealthy Canadians

(July 23, 2003) If you’ve ever found that your affluent clients were more nervous about investing, it could be they think they’re poorer than they are. American Express recently released the results of a study that examined Canadian perceptions of wealth and attitudes toward lifestyle: the findings might surprise their advisors. Having surveyed 1,000 Canadians, […]

By Steven Lamb | July 23, 2003 | Last updated on July 23, 2003
2 min read
  • Wealthy lose trillions to hungry bear, report says
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  • Sweet opportunity: Attracting and advising millionaire clients
  • True wealth: Service first

    The study found those earning $200,000 are twice as likely to spend $2,000 per person on a vacation or pay $300 for a night on the town, while at the same time consider this to not be a lavish lifestyle. So perhaps there is some truth to the notion that they are “just getting by” — they’re just getting by more comfortably than the average wage earner.

    The study found that most respondents agreed that by the time you earn $500,000 per year, then you are wealthy. The report did not specify whether people actually earning that much considered themselves rich.

    Canadians from all strata of earnings claimed to be prudent with money, with 82% saying that if they came into a surprise windfall, they would use the money to pay down debt or invest it. Only 15% said they would spend it outright.

    Have you noticed this dichotomy among your client base? How does the difference in attitudes about money affect how you deal with your clients? Discuss this issue with your fellow advisors in the Talvest Town Hall on Advisor.ca.

    Filed by Steven Lamb, Advisor.ca slamb@rmpublishing.com

    (07/23/03)

    Steven Lamb

    • (July 23, 2003) If you’ve ever found that your affluent clients were more nervous about investing, it could be they think they’re poorer than they are.

    American Express recently released the results of a study that examined Canadian perceptions of wealth and attitudes toward lifestyle: the findings might surprise their advisors.

    Having surveyed 1,000 Canadians, the study found that half of those earning up to $200,000 a year thought they were “getting by” on their income. But among those earning $58,000, the national average income, the outlook was brighter. The majority (85%) of these average earners felt they were living “quite comfortably,” with 10% more feeling they were “well-off.”

    These findings would seem to support the belief of 72% of respondents that “money can’t buy happiness,” but there was a noticeable difference when this was broken down by income. Those earning $200,000 mostly agreed, but 31% did not. The average earners were more convinced, with only 13% saying that money could buy happiness.

    R elated Stories
  • Wealthy lose trillions to hungry bear, report says
  • Canada one of the top producers of millionaires, report says
  • Improve relationships or risk losing wealthy clients, advisors warned
  • Sweet opportunity: Attracting and advising millionaire clients
  • True wealth: Service first

    • The study found those earning $200,000 are twice as likely to spend $2,000 per person on a vacation or pay $300 for a night on the town, while at the same time consider this to not be a lavish lifestyle. So perhaps there is some truth to the notion that they are “just getting by” — they’re just getting by more comfortably than the average wage earner.

    The study found that most respondents agreed that by the time you earn $500,000 per year, then you are wealthy. The report did not specify whether people actually earning that much considered themselves rich.

    Canadians from all strata of earnings claimed to be prudent with money, with 82% saying that if they came into a surprise windfall, they would use the money to pay down debt or invest it. Only 15% said they would spend it outright.

    Have you noticed this dichotomy among your client base? How does the difference in attitudes about money affect how you deal with your clients? Discuss this issue with your fellow advisors in the Talvest Town Hall on Advisor.ca.

    Filed by Steven Lamb, Advisor.ca slamb@rmpublishing.com

    (07/23/03)

    (July 23, 2003) If you’ve ever found that your affluent clients were more nervous about investing, it could be they think they’re poorer than they are.

    American Express recently released the results of a study that examined Canadian perceptions of wealth and attitudes toward lifestyle: the findings might surprise their advisors.

    Having surveyed 1,000 Canadians, the study found that half of those earning up to $200,000 a year thought they were “getting by” on their income. But among those earning $58,000, the national average income, the outlook was brighter. The majority (85%) of these average earners felt they were living “quite comfortably,” with 10% more feeling they were “well-off.”

    These findings would seem to support the belief of 72% of respondents that “money can’t buy happiness,” but there was a noticeable difference when this was broken down by income. Those earning $200,000 mostly agreed, but 31% did not. The average earners were more convinced, with only 13% saying that money could buy happiness.

    R elated Stories
  • Wealthy lose trillions to hungry bear, report says
  • Canada one of the top producers of millionaires, report says
  • Improve relationships or risk losing wealthy clients, advisors warned
  • Sweet opportunity: Attracting and advising millionaire clients
  • True wealth: Service first

    • The study found those earning $200,000 are twice as likely to spend $2,000 per person on a vacation or pay $300 for a night on the town, while at the same time consider this to not be a lavish lifestyle. So perhaps there is some truth to the notion that they are “just getting by” — they’re just getting by more comfortably than the average wage earner.

    The study found that most respondents agreed that by the time you earn $500,000 per year, then you are wealthy. The report did not specify whether people actually earning that much considered themselves rich.

    Canadians from all strata of earnings claimed to be prudent with money, with 82% saying that if they came into a surprise windfall, they would use the money to pay down debt or invest it. Only 15% said they would spend it outright.

    Have you noticed this dichotomy among your client base? How does the difference in attitudes about money affect how you deal with your clients? Discuss this issue with your fellow advisors in the Talvest Town Hall on Advisor.ca.

    Filed by Steven Lamb, Advisor.ca slamb@rmpublishing.com

    (07/23/03)