Jeff Clabaugh | [email protected]

September 3, 2024, 12:30 PM

An annual wealth survey by Charles Schwab found the average answer among D.C.-area consumers when asked the net worth it takes to feel wealthy is $2.8 million — higher than the average answer nationally of $2.5 million. D.C.-area consumers said a net worth of $968,000 is enough to be financially comfortable, higher than the average answer nationally of $778,000.

Nationwide, when asked if they think they will be wealthy within their lifetimes, 21% said they are on track. And Americans in general give themselves passing grades for how they plan to get there.

Among all of those surveyed, 50% said they are either on top of their finances now, or on track to be. When asked how prepared they will be for retirement, 67% gave themselves a grade of A, B or C. But 86% of those with a solid financial plan already in place gave themselves a passing grade.

“One of the many important takeaways from the survey is that the grades are actually much higher among those who have a financial plan in place, and that is not a surprise to me,” said financial planner Daniel Stein, Schwab branch manager in Tysons and Alexandria, Virginia. “People who have chosen to engage in a planning conversation with an adviser, they are armed with more education around the action they can take to build wealth and feel financially secure.”

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