Charles Schwab 2024 Modern Wealth Study

Charles Schwab’s 2024 Modern Wealth Study, conducted with Logica Research, reveals a growing trend of financial confidence across generations—with younger Americans taking a proactive approach to investing at an earlier age. The findings highlight significant shifts in attitudes towards financial planning and investment participation, suggesting a positive outlook for future financial stability. The study was covered in articles from Kiplinger, Barron’s, Retail Banker International and Rethinking65, among many others including Yahoo! Finance, InvestmentNews and more.

Financial Confidence is Growing

As covered in Kiplinger, the Modern Wealth survey reveals that access to better investment options, technology and financial education contributes to increased financial confidence, especially among Gen Z. The data shows that 64% of Americans feel they are in a better position to reach their financial goals than previous generations, underscoring the financial confidence uncovered in the study.

Gen Z’s Focus on Investing 

The Charles Schwab study showed that younger Americans are investing earlier, with Gen Z beginning to save and invest at an average age of 19, according to “Schwab Investing Survey: Gen Z Gets an Early Start” in Barron’s. Gen Zers express strong optimism about their financial futures, with 60% feeling they are in a better position to achieve financial goals than previous generations with easier access to investing and more diverse investment options. 

Boomers Are Also Optimistic

Retail Banker International shares that it’s not only the younger generations that are expressing financial confidence. Their article, “Schwab Modern Wealth Survey shows Boomers are financially optimistic,” shares insights from the study that show this generation as the most optimistic generation about achieving their financial goals. Despite their positive outlook and active investment participation, only 36% of Boomers have a written financial plan, often citing insufficient money, complexity, or lack of time as barriers.

Increased Opportunities for Financial Advisors

Schwab’s 2024 Modern Wealth Study also found that Americans are most likely to seek financial guidance from an advisor, and three-quarters avoid social media influencers, as reported in Rethinking65’s article, “Schwab Survey Finds Increased Opportunities for Advisors.”

About the Study

The Modern Wealth Survey is an online study conducted for Charles Schwab by Logica Research. The online study was conducted in March 2024 among a national sample of Americans aged 21 to 75. 1,000 nationally representative adults ages 21-75 completed the study, with 200 additional Gen Z. You can access the report here.