Pew Survey Finds Most Think The Rich Are Smarter And Work Harder But Neither Of Those Attributes Makes Them More Likeable

Tuesday, August 28, 2012 07:01
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Pew Survey Finds Most Think The Rich Are Smarter And Work Harder But Neither Of Those Attributes Makes Them More Likeable

Tags: Advisor businesses | client communications | client service

A Pew Research Center survey found that most people think the wealthy are smarter and work harder than average people. This doesn’t mean that they are well liked.

 
In fact, most people also think the wealthy are greedy and don’t pay enough in taxes. One-third of those surveyed say wealthy people are dishonest.

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The poll also showed that most people think a $150,000 annual salary would be enough to throw a family of four into the category of the wealthy. Those living in the northeast raised that figure to $200,000.
 
People living in rural areas of the country said $125,000 in annual earnings would qualify a family of four as wealthy.
 
Of those surveyed, 58% said the wealthy do not pay their fair share of taxes. Fifty-five percent say the wealthy are greedy.
 
But people in general admire the wealthy who have made their money through hard work. Fifty-five percent said wealthy people work harder than other people.
 
On the other side of things, more wealthy people seem satisfied with their lives than their middle and lower-income counterparts.
 
Sixty-two percent of the wealthy say they have become more financial secure over the past decade. Only 30% of middle-income people and only 20% of lower income people said the same.
 
The most striking difference is the ability of wealthy people to ride out turbulent economic times. Although, the wealthy are certainly not immune to concerns about the economy and volatile markets.
 
Often, it’s easy for advisors and others who work with the wealthy to be a bit prejudiced about their concerns when it seems on the surface that they are doing quite well despite what’s going on in the economy and in the markets.
 
Although the concerns and needs of the wealthy may be different than middle income clients, they are of no less import, at least, to the client.

 

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