A majority of Americans feel protecting their wealth is more important than it was five years ago, according to a new study by Lincoln Financial.
The Lincoln Financial study, Measuring Optimism, Outlook and Direction (MOOD) of America, says 58 percent of the 2,352 adults surveyed feel more of a need to protect their wealth than they did in the past.
The importance of protecting wealth increases with age, with 43 percent of those 50 to 60 years of age feeling it is more important, 58 percent of those 61 to 69, and 72 percent of those 69 and older, the study says.
The study also shows that despite the increasing importance of wealth protection, only 34 percent of those surveyed consulted an advisor to help them. The rest executed a will, did research on their own or talked to their spouse. Those who work with an advisor are twice as likely to feel prepared to protect their wealth, Lincoln Financial says.