The results of the eighth annual Charles Schwab Modern Wealth Survey are in and they show that Americans' financial confidence is increasing from generation to generation.

What you need to know: 1,000 Americans between 21 and 75 were surveyed — and 60% feel they're in a better position to achieve their financial goals than earlier generations.

• 51% of Americans believe they're doing a better job at investing than their parents at the same age. 52% also feel they're living their desired lifestyle more than their parents did at their age.
• Boomers are the most optimistic, with 66% believing they're more or as likely as older generations to reach their goals.
• However, every generation surveyed showed similar confidence levels when asked to compare themselves to previous generations.

The reason: Factors likely driving this positivity are increased accessibility to investing (46%) and additional investment options available to them (46%).

• 58% of Americans are investing today, up from 48% in 2019.
• Improved access to investing has increased Gen Z's financial confidence.
• Gen Z began saving and investing at around age 19, nearly half the age at which Boomers started investing.

The takeaway: "There has never been a better time to be an investor, and it's a very positive sign to see that more Americans than ever before are engaged with their personal finances and taking steps to build long-term wealth," said Jonathan Craig, Charles Schwab's Managing Director and Head of Investor Services.

Overall, access to more and better information is why investors of all ages report high financial confidence.

• Nearly 70% of Americans are confident in their investment strategy, thanks to the availability of financial advice and their ability to easily research companies and investments.
• Gen Z is the most confident of the generations at 71%.
• Zoomers say learning about investing at an early age is the biggest reason for their confidence, with more than a quarter reporting that they were taught about investing in school, significantly more than older generations.

On the other hand: Despite increased access to investing, education and advice, those surveyed say there's more they can do, with just 18% of Americans saying they're on top of their finances.

• One key area for improvement among Americans is financial planning; only 36% of Americans have a written financial plan.
• Of those who do, three in four say it makes them feel more in control of their finances and 96% say they're confident they'll reach their financial goals.
• Of those who don't, 43% say they don't have enough money, 25% say it's too complicated and 21% don't have enough time.

The positive news: Schwab's survey also found that American investors today, particularly younger ones, are exploring a wider range of investing strategies…

• 37% of investors use fractional share investing.
• 32% use direct indexing.
• 31% participate in socially responsible investing.
• 28% utilize automated or robo-advisor investing.
• 25% do thematic investing.

An expert take: "Investing is becoming a passion for an increasing number of Americans," said Rob Williams, CFP®, Charles Schwab's Managing Director of Financial Planning. "The result of this uptick in engagement and access to a wider range of investing education and resources is a more sophisticated, more knowledgeable and, most importantly, more financially confident population of American investors."

Read the full survey results.

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