A new survey by Spectrem Group finds affluent Americans more concerned about identify theft than a host of other major issues, including terrorism.

Just over half – 52% – of affluent investors say they view identify theft as a concern, according to a new report released today. This places identity theft ahead of other major issues including another act of terrorism seriously impacting the economy and investment returns (38%); the ability of Social Security to make promised lifetime payments (42%); poor investment performance over the next 1-3 years (24%) and 3-15 years (31%); and a slow economy causing a household member to lose his or her job (24%).

“Barely a generation ago, few Americans had even heard the term identity theft. Today, it is ubiquitous. Affluent individuals, in particular, are expressing considerable fear about identity theft and its potential impact. Indeed, the fact that they are more concerned about identity theft than terrorism is an eye-opener,” said Catherine McBreen, managing director of Spectrem Group. “The vast majority of those polled believe financial institutions should be doing more to protect them from identity theft, underscoring the need for banks, investment firms, insurers and others to take action and deal with this significant concern.”

The survey found that 75% of affluent Americans believe their financial institutions should be doing more to protect their clients from identity theft.

The report is based on a Spectrem Group survey of 500 affluent households, defined as those with more than US$500,000 in investable assets. It was conducted in June and July. The data has a margin of error of plus or minus 4.4 percentage points.