Family security seen as primary motivator for HNWIs

High net worth individuals (HNWI) view the pursuit of family security as the greatest motivator for wealth accumulation, a behavioural report commissioned by Y Tree has found.

The study, which was designed by LSE professor of behavioural science, Paul Dolan, sought to explore self-optimisation among HNWIs and identify what makes them tick.

The vast majority (84 per cent) of wealthy Brits actively self-optimised across multiple domains of their lives, with two thirds saying self-optimisation was a personal priority, and around half investing ‘significant’ time and money into the pursuit of self-optimisation.

HNWIs were asked to rate what motivates them on a scale of one to seven, with family security coming out on top (6.06).

Lifestyle came in second with a score of 5.78, followed by personal achievement (5.03), legacy (4.8), purpose (4.74), impact on others (4.29), and social status (3.3).

HNWIs were found to be self-optimising across every domain of their lives, most heavily around wealth and career and less around hobbies and health.

However, the spread between the top domain of wealth self-optimisation (3.78 out of five) and the bottom (health) was just 0.59 points.

In life satisfaction, relationships were the top driver of self-optimisation with a score of 7.4 out of 10, followed by career (7.34), health (7.02), wealth (6.87), and leisure (6.45).

When looking at the psychology of HNWIs, the report found that wealthy Brits had a higher risk appetite than the general population, lower levels of neuroticism, but greater levels of anxiety.

The study split HNWIs into three types of optimisers: steady optimisers, restless maximisers, and quiet disengagers.

Seven in 10 were categorised as steady optimisers, who were deliberate without being obsessive and displayed the lowest anxiety of the three groups.

Almost a quarter (22 per cent) were restless maximisers, who were the most driven, had the greatest life satisfaction, but also had the highest sense of worthlessness and anxiety.

Fewer than one in 10 (8 per cent), were identified as quiet disengagers, who scored the lowest engagement, wellbeing, and life satisfaction scores, as the wealth-building project that used to structure the day was no longer bringing the same satisfaction.

“Over the past decade, self-optimisation has moved firmly into mainstream culture,” said Y Tree CEO, Stuart Cash.

“Conversations about peak performance, marginal gains and personal growth are now commonplace amongst business leaders and entrepreneurs.

“We discovered that HNWIs are not only dedicated self-optimisers but that certain recurrent personality traits in this group make them ideally suited to that pursuit. But this can also present challenges. Optimisation, without balance, is not always liberating.

“One of the most striking aspects of this research is the emotional complexity that exists beneath outward success. The findings reveal recurring themes around anxiety, control and the pursuit of ‘more’.

“In several cases, individuals with significant wealth still report feeling financially insecure or uncertain. Financial success can become intertwined with identity, status and the perception people create around themselves.

“For some, the pursuit of optimisation risks becoming endless, less about fulfilment and more about maintaining progression. Success without a clear sense of purpose does not necessarily remove pressure.”

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