Affluent people say it would take at least $100,000 and in some cases $1 million for them to give up their smartphone use for a month, according to a study authored by Michael Liersch, global head of wealth planning and advice at JPMorgan.
For the study, JPMorgan (JPM) surveyed 1,500 wealthy individuals from around the world and across age groups with a net worth between $250,000 and $100 million about their technology habits.
On an agreement scale of 1 to 10, nearly all of the respondents said they felt technology enhances the overall quality of their life, with an average agreement response of 7.8.
The study also found that most respondents spend four to seven hours on their devices per day with some variability from weekdays to weekends.
"When we think about our devices—when we think about technology itself, one key reason we like to use it so much, especially when it comes to money matters, is that it takes things off our mind. We don’t need to keep track of every check, every transaction, every payment (which can be time-consuming and anxiety-inducing). Technology can act as a kind of second brain. Scientists refer to this process as 'cognitive off-loading,'" Liersch, who holds a Ph.D. in cognitive psychology from the University of California, San Diego, wrote.
It would require “very high dollar amounts” to ditch that “feeling of relief” smartphones provide. In fact, approximately 35% said it would take $100,000 to give up the device, while 28% said they would require $1 million.
“Interestingly, those were the most common choices regardless of age, gender, geographic location—and level of net worth. Clearly the idea of giving up one’s 'second brain' is not a very viable option even for a relatively short period of time,” Liersch wrote.
In the report, Liersch went on to provide some helpful tips for affluent clients to better manage their smartphone usage.
"[That] reliance on phones isn’t always a good thing. Some research suggests that people who rely on their devices find it harder to think on a variety of dimensions…and may continue to do so, perhaps permanently," he wrote. "While the jury is still out on that research, why not make it a point to challenge your brain! Set aside your device and think. You can even make it a game—at the dinner table, with friends, at work. When you’re tempted to find the answer online, resist. In other words, don’t cognitively off-load just because you can."
Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.