Charles Schwab 2023 Modern Wealth Survey Findings

This document is a summary of the Charles Schwab 2023 Modern Wealth Survey, focusing on the financial perceptions and experiences of New Yorkers. The survey reveals that 46% of New Yorkers feel wealthy, although many acknowledge the high cost of living as a barrier to achieving financial goals. The findings indicate that 79% of respondents are confident about reaching their financial objectives. Additionally, the survey highlights the impact of inflation on local finances, with 87% of participants reporting its effects. New Yorkers have adjusted their spending habits due to inflation, with significant reductions in non-essential items and travel. The document also discusses how New Yorkers define wealth, noting a shift in the average net worth required to be considered wealthy. Furthermore, it emphasizes the importance of financial planning, with 40% of respondents having a documented financial plan, which correlates with increased confidence in managing finances. The survey was conducted among 500 New York residents aged 21 to 75.