London has the most wealthy people experiencing financial stress, with 88 per cent worrying about money.
Research by Arbuthnot Latham revealed out of the 88 per cent worrying about their finances, 20 per cent worry about their financial wellbeing constantly and nearly a further 20 per cent admit the same concerns most of the time.
The study consisted of 500 UK residents with investable assets of at least £100,000.
The East of England followed London, with 85 per cent admitting persistent fear about the health of their finances.
This was followed by the south west and north east who had 83 per cent of respondents who said they stress and worry about their finances.
Amongst the UK’s most affluent who were concerned about their finances, there were three concerns driving this.
These were maintaining their lifestyle later in life, the value of their investments and the tax burden of living in the UK.
Some 70 per cent of respondents in East Anglia had the most wealthy people worrying about maintaining their lifestyle in later life followed by London with 53 per cent.
East Anglia also had the highest percentage of wealthy people worried about the value of their investments (55 per cent) followed by the south west with 45 per cent.
London had the highest percentage of wealthy people worrying about the tax burden of living in the UK (36 per cent) with the north east coming in second (35 per cent).
While not amongst the top three concerns expressed cross-regionally, providing for future generations also ranked high on the list of financial stressors with 31 per cent of those in London feeling this way and 33 per cent in the East of England.
To alleviate financial concerns, respondents said they would consider giving up luxury goods.
Those surveyed also said they would consider giving up evenings out, this included 40 per cent in London, 48 per cent in south west and 33 per cent in East Anglia.
Purchasing a lower cost car or replacing a high cost one also ranked highly with 40 per cent citing this in London (40 per cent) followed by the north east (39 per cent) and south west (38 per cent).
More than 50 per cent of respondents said they would consider moving abroad to address their financial stressors.
alina.khan@ft.com
