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 the Washington D.C. metro area. The survey reveals that 37% of Washingtonians currently feel wealthy, while 72% express confidence in achieving their financial goals. However, many acknowledge the high cost of living as a barrier to financial success, with 38% stating it negatively impacts their financial aspirations. Inflation has significantly affected local residents, with 90% reporting its impact on their finances. The survey also highlights a shift in how wealth is defined, with an average net worth of $3.0 million considered necessary to be deemed wealthy. Additionally, it notes that 32% of Washingtonians have a documented financial plan, which correlates with increased confidence in managing finances. The findings are based on a survey conducted among 750 residents aged 21 to 75, providing insights into local economic perceptions and financial behaviors.