Charles Schwab 2023 Modern Wealth Survey Dallas Findings

This document is a summary of the findings from Charles Schwab's 2023 Modern Wealth Survey specifically focusing on the Dallas area. The survey reveals that 40% of Dallas residents feel wealthy, while 36% believe living in Dallas aids their financial goals. However, 22% feel that the high cost of living hinders their financial aspirations. The survey also highlights that 90% of Dallasites report inflation impacting their finances, particularly in food and utilities. Additionally, the document discusses how residents define wealth, noting a shift in perceptions compared to previous years. The average net worth considered necessary for wealth has decreased to $2.3 million, while many residents prioritize non-financial aspects of wealth, such as health and relationships. Furthermore, only 34% of Dallasites have a documented financial plan, with those who do feeling more confident in managing their finances. The survey was conducted among 750 Dallas residents aged 21 to 75.