Knowledge and preparedness gaps

The survey reveals a significant gap in the understanding of digital asset estate planning among Americans. Although many respondents can identify their digital devices and some can identify digital assets, their understanding of their value and their preparedness for integrating these assets into estate planning varies widely. Only 29% of Americans feel “very/somewhat knowledgeable” about digital assets, while about a fifth (21%) say they have “little knowledge.” More than a quarter (27%) have heard of “digital assets” but know little about it, and 15% have never heard of the term.

“We live in a digital world where much of our lives are connected to online and digital platforms. Traditional storefronts have been replaced by online storefronts, our payments are primarily digital, our family photo albums are now in Online and even the way we communicate with others has become increasingly digital with instant messaging and email. However, there is a general lack of familiarity with digital asset planning and the crucial role it plays. plays in our personal and financial security”, Hopkins said. “Consumers should start thinking about their digital presence more strategically and ask the right questions of their financial advisor and estate planner to prepare accordingly.”

Plan ahead

Digital estate planning remains unfamiliar to many Americans, despite its importance in securing digital assets. Survey results show that 79% of Americans believe it is important to protect their digital assets, similar to the 78% who feel the same way about financial assets.

“While it may not be a priority for many, our digital assets are an important part of our lives and the legacies we leave behind. Over time, many of us have accumulated thousands of digital files, some containing sensitive and valuable information. How to secure and transfer these important assets should be an integral part of estate planning,” said Steven Klammer, senior vice president and senior wealth and trust advisor, Bryn Mawr Trust.

Despite the importance of these issues, only 32% of national respondents indicated that they currently have an estate plan. Among those with estate plans, 75% of Americans say their planning is up to date, and 22% have updated their estate plans in the past year. The survey also found that 67% of respondents have a will.

However, digging deeper into the contents of these plans, only 53% of Americans have a will that specifies their wishes for digital assets. Notably, 39% of Americans have never heard of the term “digital estate planning,” and only 15% consider themselves very or somewhat knowledgeable on the subject.

“The good news is that most Americans plan for their future after they are gone, but digital estate planning remains a topic that many are unfamiliar with and that some financial advisors may overlook. It is crucial to work with experts who take all aspects into account. of our lives, including our digital presence, when planning our legacy,” continued Klammer. “To best prepare for digital estate planning, individuals should take concrete steps, such as inventorying their digital assets and discussing their evaluation with a financial advisor. It is essential to ensure that digital assets are incorporated into overall estate planning documents, including wills and trusts.

Deep Dive: Read the full report on the results of the investigation.

Survey methodology

The survey was conducted by the market research and analysis agency Opinium. The sample includes a nationally representative survey of 750 respondents and a survey of 750 high-net-worth individuals. All respondents were over 18 years old. The online survey was conducted from September 25 to October 2, 2024. It has a margin of error of +/- 4 percent.

About Opinium, Inc.

Opinion is an award-winning strategic analysis agency founded on the belief that in a world of uncertainty and complexity, success depends on the ability to listen to what people are thinking, feeling and doing. Creative and curious, we are passionate about empowering our customers to make the decisions that matter. We work with organizations to define and overcome strategic challenges, helping them learn about the world in which their brands operate. We use the right approach and methodology to provide robust insights, strategic advice and targeted recommendations that drive positive change and results.

About WSFS Financial Corporation

WSFS Financial Corporation is a multi-billion dollar financial services company. Its principal subsidiary, WSFS Bank, is the oldest and largest locally based bank and trust company in the Greater Philadelphia and Delaware region. As of September 30, 2024, WSFS Financial Corporation had $20.9 billion in assets on its balance sheet and $87.2 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia ( 1) and provides comprehensive financial services. including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust^®Bryn Mawr Trust Company of Delaware, Cash Connect^®NewLane Finance^®Powder mill^® Financial Solutions, WSFS Institutional Services^®WSFS Mortgage^®and WSFS Wealth^® Investments. Serving the greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

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Contacts

Media:
Kyle Babcock
(215) 864-1795
[email protected]