2023 Modern Wealth Survey Methodology and Findings

The document is a report detailing the methodology and findings of the 2023 Modern Wealth Survey conducted by Charles Schwab in collaboration with Logica Research. The survey was conducted online from March 1 to March 13, 2023, among a national sample of 1,000 Americans aged 21 to 75, with an additional 200 respondents from Generation Z. The report outlines key findings regarding perceptions of wealth among different generations, revealing that Americans believe a net worth of $2.2 million is necessary to be considered wealthy, while the average net worth of those who feel wealthy is significantly lower at $560,000. The survey also highlights that many Americans associate wealth more with well-being than with financial assets. Additionally, the report discusses the importance of having a financial plan, noting that a third of respondents have documented financial goals, while barriers to planning include perceived complexity and lack of funds. The findings provide insights into how social media influences perceptions of wealth and financial decision-making.