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Bryn Mawr Trust Survey Reveals Americans Value Digital Assets at $191,516 on Average, But Gaps Exist in Digital Asset Awareness and Estate Planning
Despite placing six-figure valuations on their digital assets, Americans are largely neglecting these assets during financial planning WILMINGTON,
About this update from Wsfs Financial Corporation
[{"type":"text","content":"\nDespite placing six-figure valuations on their digital assets, Americans are largely neglecting these assets during financial planning\n\n\n WILMINGTON, Del.--(BUSINESS WIRE)--\nAccording to a new survey from Bryn Mawr Trust, a WSFS Company (Nasdaq: WSFS), Americans have little awareness about the importance of digital estate planning, despite placing a high monetary value on their digital assets. The survey found that Americans estimate a value of $191,516 on average for digital assets, however, 76% reported having little or no knowledge of digital estate planning.\n\n\nThe data also uncovered opportunities for financial advisors to bring these assets to the attention of their clients, with only 44% of respondents with advisors stating their advisor had addressed digital assets and digital estate planning with them.\n\n\nThe survey of 1,500 U.S. adults – half of which were from a nationally representative sample and half classified as high-net-worth (HNW) individuals with a household income of $175,000 or higher – gauged the knowledge base and preparation Americans are taking to manage their digital assets.\n\n\nThe State of Digital Assets\n\n\nThe survey identifies digital assets as including personal records, videos, social media content, passwords, biometric data, and financial information. When asked to assign monetary values to these assets, financial data, biometric information, and business accounts ranked highest for both groups. Despite recognizing the importance of digital asset security—55% of HNW respondents express concern about their digital assets—45% of the same respondent pool have never heard of digital estate planning.\n\n\nUnsurprisingly, respondents indicated that the number of digital devices and assets they possess continues to grow. However, while Americans are generally aware of the sheer volume of their digital presence, there is a lack of familiarity with the concept of “digital assets,” and even more so when considering how these assets fit into estate planning.\n\n\nOn average, respondents reported having up to 250 digital accounts, with 37% indicating they have between one and ten accounts, 29% having between 11-100 accounts, 6% having between 101 and 250 accounts, and 8% responding that they have more than 250 accounts.\n\n\n“Overall, the survey’s findings underscore the significant role digital...