Two-thirds of Americans now feel they are behind their savings targets. According to a new survey.
A survey of 2,000 Americans, evenly divided by generation, found that 67% felt this way. 47% admit that they don’t believe they’ll reach their savings targets.
This could be partly due to respondents who need to take money from their savings accounts.
Six in 10 people with savings (63%) have withdrawn their money from the beginning of the new year.
Consigned by the Consumer Bank App the current The study, which unfortunately revealed that Americans are not spending this money on anything they enjoy, as they did by Talker Research, has shown.
When asked what they were spending on, unexpected expenses were on the list (48%).
Also, use savings for basic needs, not goals
After that, daily purchases could not afford otherwise (36%), emergency (30%), rent or mortgage (23%).
Only 18% actually robbed their money to spend on what they were working to save.
The survey found that the average respondent was saving $496 per month.
However, that wasn’t viable for everyone, and the results revealed that three-tenths (31%) put under $200 or less in savings accounts that cost less than $200 each month.
The need to limit what they can spend on saving and take out money to cover unexpected expenses means that 25% of respondents have less money in their savings accounts than they did in early 2025.
Gen X was most likely to have reduced savings by 31%, while millennials were least likely at 19%.
Millennials appear to be stable, with 39% saying their savings remain the same, but Gen Z was most likely actually increased their account money (38%).
“Americans show incredible resilience and commitment to saving, even in challenging times,” said Erin Bruehl, Vice President of Communications. “The fact that people are actively trying to build emergency funds shows their commitment to financial responsibility.
“Over 60% of people need to use their savings this year, and it highlights exactly why Americans are wise to try this financial cushion. Their savings are successful at their intended purpose.
The survey asked respondents about the role banks play in their savings habits.
71% of Gen Zers said it would help their banks achieve their goals.
Still, 52% of Gen Z believe they can get “more” from another bank, which is higher than other generations.
30% of Gen Z has outdated bank benefits
This could be due to some of the 10th generation ZERS, who believe that the profits offered through the bank are “outdated.”
And it may contribute to 45% of Gen Z who are willing to switch banks – compared to just 21% of the baby boomers.
“Americans need to choose a financial institution that will help them achieve their goals,” Breel said. “Online or mobile only solutions often offer higher savings rates than traditional banks with no monthly or minimum balance fees, offering additional benefits such as early payroll access and no fee overdraft protection when bills are due. These benefits can spend more money in consumer pockets and help people achieve their goals faster.”
Research method:
The Talker survey surveyed 2,000 Americans, Split evenly for each generation. The investigation was commissioned by the current Managed and implemented online by Talker Research March 28th and April 2nd, 2025.
