Economic crisis has no bounds

06.24.09
By Lewis Green

The global financial crisis is taking a toll on all types of consumers - those in lower paying jobs and those with high net worth.

Earlier this year the Federal Reserve reported that household net worth dropped by about $1.3 trillion in the first quarter of the year.

According to the American Institute of Certified Public Accountants' latest survey, high net worth Americans are part of the crowd making spending, investment and social behavior changes given the ongoing economic trouble.

The certified public accountants responding to the new survey typically serve clients that have a net worth of up to $5 million. These clients are taking many of the same steps that less financially endowed households are also taking to save money and shore up savings.

CPAs report that their clients have cut back on dining out, are having big-ticket items repaired rather than buying new and are taking fewer or more budget-friendly vacations. These trends are common patterns among households across the country.

Not only are these high net worth clients worrying about their personal finances, they are seeking out help to make smart investment decisions for the future.

"Now more than ever, our clients are seeking our financial expertise to guide them through these uncertain economic times," said Lyle K. Benson, a CPA in Baltimore, Maryland.

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Households are increasingly worried about money management