Fueled by recent security breaches of personal data, heightened concern about identity theft is having a dramatic impact on affluent househo...

Fueled by recent security breaches of personal data, heightened concern about identity theft is having a dramatic impact on affluent households, according to new research conducted by the Phoenix Affluent Marketing Service, a US-based research consultancy. Almost half of affluent households in the US name identity theft as a top concern, just behind planning for retirement and protecting current levels of wealth. When asked to choose from a list of financial services issues that they were concerned about, respondents admitted being very concerned about identity theft (48 per cent). They were also very concerned about protecting current levels of wealth (57 per cent), planning for retirement (54 per cent), minimizing taxes (49 per cent) and the health of the US economy (48 per cent). When it comes to identity theft, the Phoenix survey found that more women (51 per cent) than men (45 per cent) are very concerned. "Affluent households have a lot more at stake if their identity is stolen," said David Thompson, vice president, affluent practice at Phoenix Marketing International. He added: "Financial advisors and financial services firms should take note of these unique requirements, particularly the opportunity to educate their clients about risk assessment and provide more protection to quell these heightened concerns."