Charles Schwab 2023 Modern Wealth Survey Denver Findings

This document is a summary of the findings from the Charles Schwab 2023 Modern Wealth Survey focusing on the Denver area. The survey reveals that 37% of Denver residents feel wealthy, while 24% believe that living in Denver aids in achieving financial goals. However, 42% feel that the high cost of living hampers their financial aspirations. The survey also highlights that 93% of Denverites report being affected by inflation, with significant impacts on food, utilities, and transportation costs. Additionally, it notes a shift in how wealth is defined, with an average net worth of $2.5 million now considered necessary to be deemed wealthy. The document discusses the importance of financial planning, indicating that 30% of Denverites have a documented financial plan, which correlates with increased confidence in managing finances. The survey was conducted among 500 Denver residents aged 21 to 75, providing insights into local economic perceptions and personal finance attitudes.