Charles Schwab 2023 Modern Wealth Survey Findings

This document is a summary of the findings from the Charles Schwab 2023 Modern Wealth Survey, focusing on the perceptions of wealth among residents of Southern California. The survey reveals that 46% of Southern Californians feel wealthy, although many acknowledge that the high cost of living impacts their financial goals. The report outlines various factors affecting local economic perceptions, with 36% believing the local economy is better than the national average. Inflation has significantly impacted finances, with 89% reporting its effects, particularly on essential expenses like food and utilities. The survey also highlights a shift in how wealth is defined, with an average net worth of $3.5 million considered necessary to be wealthy. Additionally, it discusses the importance of financial planning, noting that those with a documented financial plan feel more confident in managing their finances. The survey was conducted among 750 residents in the Los Angeles and San Diego areas.