The second edition of the Saltus Wealth Index has found that older high net worth individuals’ confidence in the economy and their own finances has fallen as inflation starts to bite.

A barometer of high net worth individuals' attitudes shows they see inflation, rising interest rates and cybercrime as the most significant risks to their personal finances.

According to the Saltus Wealth Index. just under half (46 per cent) of HNW individuals have serious concerns about the impact of inflation on their wealth, rising to nine in 10 amongst retired respondents. Saltus, a UK wealth management firm, surveyed attitudes of more than 1,000 people in the UK with investable assets of over £250,000 ($315,899) from 28 February 2022 to 15 March 2022 about how they felt about the UK economy, their own wealth and lifestyles.

The survey found that younger respondents are, however, fairly confident in the future of the UK economy and their own wealth, the research shows.

It also reveals that when measured by the wealth of respondents, those with assets of up to £3 million see inflation as the biggest threat to the economy, but for those with more than £3 million it is climate change.

More than half of the respondents feel anxious too about their money, with younger people much more likely to feel concerned than older generations.

Furthermore, COVID-19 is still seen as a significant risk to wealth amongst respondents, with cybersecurity and geopolitical risks also listed as top concerns, the research shows.

“The index currently stands at 68 out of 100, suggesting that whilst there is no absolute crisis of confidence among high net worth individuals yet, it is nowhere near as high as it could be,” Dr Mike Peacey, senior lecturer in economics at the University of Bristol who developed the methodology behind the Saltus Wealth Index, added.

Saltus is a wealth management company that looks after more than £2 billion for its clients.