Cyber Security Concerns
& Financial Data
In 2023, 62% of Affluent Americans preferred managing their personal finances
online. This implies a substantial 19% change compared to 2022 when it was just
above half at 52%. However, this is paired with a rising concern for the safety and
protection of their financial data.
In 2023, the study found that 66% of the general population is concerned
about the security of their financial data, and that number increases to 73%
for Affluent Americans. Interestingly, while concern about their financial data is
meaningfully higher with Affluent Americans, within the affluent category the numbers
vary. Among Higher-Earners, that number jumps even higher to 81%. But among High-
Net-Worth individuals, the percentage of individuals concerned about the security
of their financial data drops back down to 68%. Advisors need to be aware of key
concerns like data security for clients, especially with cybercrime estimated to cost
companies $10.5 trillion annually worldwide by 2025.
1
By Affluent Generation
Very concerned Somewhat concerned Neutral Not concerned Not at all concerned
Younger Millennials
(25-35)
31% 39% 17% 9%
3%
Older Millennials
(36-44)
36% 35% 17% 10% 3%
Gen X
(45-56)
30% 45% 15% 7%
3%
Boomers
(57-65)
27% 50% 14% 7% 3%
How concerned are you about the security of your financial data?
1: https://www.forbes.com/sites/forbestechcouncil/2023/02/22/105-trillion-reasons-
why-we-need-a-united-response-to-cyber-risk/?sh=312db7253b0c
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