Charles Schwab 2023 Modern Wealth Survey Findings

This report presents the findings from the Charles Schwab 2023 Modern Wealth Survey, focusing on the perceptions of wealth among Houstonians. The survey reveals that 39% of residents feel wealthy, with 71% expressing confidence in achieving their financial goals. However, there is a notable divide, as 21% believe that living in Houston negatively impacts their financial aspirations due to high living costs. The report also highlights the local economic environment, with 39% of respondents viewing it as better than the national economy. Inflation is significantly affecting finances, with 90% of Houstonians reporting its impact, particularly on essentials like food and utilities. The survey indicates a shift in how wealth is defined, with many prioritizing non-financial assets over monetary wealth. Furthermore, it notes that 31% of Houstonians have a documented financial plan, which correlates with increased confidence in managing finances. The survey was conducted among 500 residents aged 21 to 75 between March 1 and March 23, 2023.