San Francisco, CA

Study Says Bay Area Residents Need $1.7 Million to Feel Financially Comfortable

Amancay Tapia

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A 2022 online survey conducted by Charles Schwab, the leading provider of financial services, has revealed interesting data about Bay Area residents on what they consider to be wealthy for those living in this blessed but very expensive part of the country.

Schwab’s 6th annual Modern Wealth Survey examines how Americans think about saving, spending, investing and wealth. The online survey was conducted by Logica Research from February 10, 2022 to February 27, 2022, among a sample of 750 San Francisco residents aged 21 to 75. According to the results provided, Bay Area residents feel they need an average net worth of $5.1 million to be “wealthy”, and an average of $1.7 million to feel you are “financially comfortable”.

Schwab's results show that "almost three-quarters (72%) of San Franciscans say that their personal values drive their decisions more today than they did two years ago and nearly an equal number (75%) say they prioritize using their money to support causes they care about".

Key motivators for San Francisco residents are among others; the environment, doing good for others including their family and friends, as well as saving more and reducing unnecessary spending.Nine in ten San Francisco-based workers say that it is important for them to feel fulfilled by their work.

As for Americans in other parts of the country, they believe that it takes an average $2.2 million in personal net worth to be considered “wealthy” in 2022, which is more than double the actual average net worth of U.S. households, and an average net worth of $774,000 to be “financially comfortable."

Other interesting data from the survey revealed that "eight in 10 Americans (82%) agree that their personal values play an important role in how they manage their finances, adding to the long list of factors Americans weigh when making purchases. Personal values rank third on this list, just after price and product features, with almost eight in 10 Americans (79%) saying they try to use their purchasing power to support brands that are aligned with their beliefs."

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