Charles Schwab 2023 Modern Wealth Survey Findings

This document is a summary of the findings from Charles Schwab's 2023 Modern Wealth Survey, focusing on the perceptions of wealth among San Francisco Bay Area residents. The survey reveals that 39% of San Franciscans feel wealthy, with many acknowledging the high cost of living as a barrier to achieving their financial goals. The survey indicates that 71% of respondents are confident in reaching their financial objectives, despite 89% reporting that inflation has impacted their finances. The document outlines how residents define wealth, with a significant emphasis on non-financial assets such as health and relationships. Additionally, it discusses the importance of financial planning, noting that 31% of participants have a documented financial plan, which correlates with increased confidence in managing their finances. The findings also highlight the evolving definitions of wealth, including the average net worth required to be considered wealthy in the area, which has changed over the years.