leven percent of wealthy individuals surveyed by Phoenix Cos. have stopped contributing to their 401(k) plans, and 8% said their spouses or partners have done the same.
Nearly one-third of high-net-worth individuals — defined by Phoenix in the Phoenix Wealth Survey as having more than $1 million in assets, minus their primary residences — reported making changes to their 401(k) plans, the survey found. Five percent said they have reduced their contributions, and 5% said their spouses or partners had cut their contribution levels.
“The current crisis has rocked this segment of the market like it never has,” Walter Zultowski, senior vice president, research and concept development at Phoenix, said in an interview. “In the past, high-net-worth individuals have been very resilient. It's different this time.”
Thursday, July 2, 2009
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