Professionals adopt a cautious approach to finances as economy falters
07 Jun, 2012
Wealthier professionals are not immune to the current economic difficulties and are being more careful with their money, according to new research by Wesleyan Assurance Society.
The study revealed doctors and lawyers, part of the specialist financial services mutual’s core customer base, have had to review financial priorities and their approach to saving and investing.
61% of doctors and 55% of lawyers surveyed said they had become more risk averse in recent years and have started saving more (51% of doctors and 46% of lawyers) as a result of the economic downturn.
The research also revealed that 47% of doctors and two fifths (40%) of lawyers consider financial strength of the provider the most important factor, apart from financial returns, when placing their investments, possibly a reaction to the recent banking crisis.
Further proof of this more cautious approach was shown as four-in-ten doctors (39%) and lawyers (40%) said their first savings priority was to have money in case of an emergency.
Samantha Porter, Wesleyan Marketing Director, said: “The recession and banking crisis has impacted people across the country including higher earners. What our research shows is that wealthier professionals are now being more mindful of what they do with their money and are looking for a safe haven like Wesleyan which is financially strong, delivers robust investment returns and as a mutual, takes decisions for the long term benefit of members.”
Wesleyan Assurance Society provides specialist financial services to doctors, dentists, teachers and lawyers.