The mass affluent believe they will never by wealthy, according to a new report by Bank of America, called the Merrill Edge Report. Meanwhile to target the mass affluent, the firm has rolled out Merrill Edge, an online trading and advice platform, to this segment.

“Complementing the Merrill Lynch Wealth Management and US Trust businesses that serve affluent and high net worth individuals, Merrill Edge broadens access to Bank of America, and Merrill Lynch products and services to provide comprehensive financial solutions to the next generation of affluent individuals,” the bank said in a statement.

Merrill Edge clients can choose a self-directed account or an account through the Merrill Edge Advisory Center for financial guidance. Opening Merrill Edge to the mass affluent includes nearly 11 million BofA customers.

The inaugural semi-annual report defines the mass affluent as those with  $50,000-$250,000 in investable assets. It reveals that this group lacks self-confidence in its ability to meet financial goals and as a result sacrifices long-term savings for short-term needs.

Nearly half (45 per cent) of the mass affluent surveyed believe they will never be wealthy, even though the majority (75 per cent) have a household income in excess of six figures, the survey found.

Balancing short- and long-term financial needs is a priority for a majority (63 per cent) of the mass affluent, but they struggle to accomplish both goals. In the last year 28 per cent of the mass affluent have tapped into their long-term investments, such as retirement and college savings accounts, in order to meet short-term financial demands.