One of the age-old questions—does money bring you happiness—is answered in the negative in a new US survey by PNC Advisors, a wealth managem...

One of the age-old questions—does money bring you happiness—is answered in the negative in a new US survey by PNC Advisors, a wealth management firm. A survey of 759 high-net-worth individuals in the US with investable assets of $1 million or more found there really is no link between cash and contentment. That is because, according to PNC Advisors' Wealth & Values Survey, wealth brings a host of complications, including concerns about children growing up spoiled, pressure to meet philanthropic obligations and anxiety about appropriate care for elderly parents. “Although great wealth can make life easier, it complicates life,” said Thomas Melcher, chief investment officer at Hawthorn, the ultra-high net worth division of PNC Advisors. “Money creates a new set of challenges, particularly if there is no plan for managing it.” Nearly one-third of respondents with more than $10 million in investable assets said that having a lot of money brings more problems than it solves. Only 46 per cent of those surveyed report that they have become happier as their wealth has increased. According to the survey, a surprising number of wealthy individuals have done nothing to protect their assets, such as having a will or an estate plan. Many of the wealthiest of those surveyed—those with $10 million or more in investable assets—have not completed even the most basic estate plans. A surprising 40 per cent do not have a will or trust in place, according to the survey.