WILMINGTON, DE – A new survey from Bryn Mawr Trust, a WSFS Company (Nasdaq: WSFS), reveals that Americans assign an average value of $191,516 to their digital assets but lack awareness about digital estate planning. Despite the significant role that digital files, financial data, and online accounts play in everyday life, 76% of respondents reported little or no knowledge of how to manage these assets in their estate plans.
The survey, conducted among 1,500 U.S. adults, defines digital assets as personal records, social media content, passwords, and financial and biometric information. Among high-net-worth (HNW) individuals, these assets are valued nearly five times higher than the average, yet 45% of this group admitted they had never heard of digital estate planning.
“Much of our lives are now online, from communication to financial transactions,” said Jamie Hopkins, Chief Wealth Officer for WSFS and Bryn Mawr Trust. “However, the survey shows a concerning level of uncertainty, with 32% unsure of how many digital files they possess and only 29% feeling knowledgeable about their digital assets.”
Americans hold thousands of digital files across up to 250 accounts on average, yet only 53% of those with a will have included instructions for managing digital assets. Steven Klammer, Senior Vice President at Bryn Mawr Trust, stressed that incorporating these assets into legal documents is vital. “Digital estate planning should be an integral part of securing and transferring the legacy we leave behind,” said Klammer.
While 79% of respondents believe protecting digital assets is important, only 32% currently have an estate plan in place. The survey highlighted the need for financial advisors to discuss digital considerations with clients, as only 44% of advisor-assisted respondents said their advisors had addressed the topic.
Experts recommend individuals start by listing their digital assets, assigning value, and discussing how to protect and transfer them with a financial advisor. With digital footprints growing continuously, estate planning must include this often-overlooked aspect to safeguard personal and financial legacies.
The survey, conducted online from September 25 to October 2, 2024, included a nationally representative sample of 750 adults and 750 HNW individuals, with a margin of error of +/- 4%.
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