The global coronavirus pandemic has prompted the wealthy worldwide to align their investments with their values and use capital to drive change, thereby looking to find greater purpose in their lives, according to the findings of a survey by wealth manager UBS.

Of those polled as part of the Investor Watch survey by UBS,  79 percent felt that the pandemic made them reassess what is most important to them. Nearly half of the respondents plan to increase their charity spending and almost 60 percent are more interested in investing sustainably than they were before the pandemic.

The survey found that younger generations turned their attention more to purpose-related investing because of the pandemic.

Seventy-nine percent of investors aged 50 and under noted that the pandemic made them want to make more of a difference in the world, compared to 51 percent of investors over 50.

Nearly three-quarters of this younger demographic also want to develop or update a comprehensive financial plan.

Among women too, the pandemic is seen as a time for reflection. Eighty-four percent said that they have reassessed their goals amid the pandemic, compared to seventy-six percent of men. As investors begin to put the pandemic behind them, 51 percent of women plan to increase charitable giving compared with 42 percent of men.

In the UAE, the sentiment was particularly high. According to Ali Janoudi, the head of Middle East and Africa at UBS Global Wealth Management, said: “Wanting to find purpose and make more of a difference is particularly high in the UAE, where 80 percent and 78 percent of investors respectively answered those questions in the affirmative.”

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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© ZAWYA 2021