The 2023 Modern Wealth Survey by Charles Schwab explores the threshold of wealth and how Americans perceive it
According to the survey, it takes $2.2 million to be considered wealthy, but only 48% of Americans feel wealthy with an average net worth of $560,000
Healthy relationships with loved ones are considered a better indicator of wealth by 62% of Americans surveyed
Wealth is seen as not having to stress over money for seven out of ten respondents
Americans prioritize well-being (40%) over money (32%) and assets (26%) when describing wealth
Age influences wealth perceptions, with baby boomers valuing experiences and freedom from financial stress
Financial planning is lacking among Americans, as only 35% have set goals and documented a financial plan
Social media can create doubts about personal wealth, with 47% of respondents feeling wealthy when they can afford a lifestyle similar to their friends
Over one-third of social media users compare their lifestyles to what friends and influencers share, impacting their financial and investment decisions
Social media plays a significant role in shaping wealth perceptions and is increasingly used as a platform for financial advice and goal setting