A new survey reveals that most Americans are struggling to save money and reach their financial goals. The research, conducted by Talker Research and commissioned by consumer banking app Current, questioned 2,000 Americans across different generations. Results show that 67% of Americans feel they are behind on their savings goals, with nearly half (47%) believing they will never reach their targets.
Since the beginning of 2025, 63% of those with savings accounts have withdrawn money, primarily for unexpected expenses (48%) and everyday necessities (36%). On average, Americans try to save $496 each month, but 31% can only put aside $200 or less. This limited capacity, paired with the need to withdraw for unexpected costs, has left 25% of participants with smaller savings accounts now than at the start of 2025.
Younger generations seem to be struggling the most, with 31% reporting decreased savings. Baby Boomers show more stability, with only 19% seeing their savings shrink and 39% maintaining steady balances. Generation Z displayed the strongest growth potential, with 38% actually building their savings during this period.
The connections between Americans and their banks reveal clear age differences in satisfaction and expectations. Among Gen Z, 71% said their bank helps them reach financial goals, a satisfaction rate that drops steadily with age.
Americans struggling to save consistently
Despite relatively high satisfaction, 52% of Gen Z thinks they could get better service elsewhere. These perception gaps affect loyalty across age groups. A substantial 45% of Gen Z would consider switching banks, while only 21% of Baby Boomers would think about making such a change, suggesting banks face bigger challenges keeping younger customers who expect more from digital banking features and benefits.
Erin Bruehl, vice president of communications at Current, advises, “Americans should select financial institutions that help them reach their goals. Online or mobile-only solutions often offer higher savings rates than traditional banks without monthly or minimum balance fees.
The survey reveals Americans trapped in a financial bind: they know saving matters but face constant obstacles that derail their progress. Using savings accounts as emergency funds rather than long-term growth vehicles points to a broader issue where many people struggle to build both emergency reserves and future savings simultaneously.
For financial institutions, these findings highlight opportunities to better serve customers by offering relevant benefits, higher interest rates, and tools that help people track progress toward goals even during times when withdrawals are necessary. The survey was conducted online between March 28 and April 2, 2025. Participants came from online panels where people opt-in for rewards and through online methods offering digital incentives.
Quality measures excluded inappropriate responses or multiple submissions. The challenges reflect a broader economic issue where rising living costs, flat wages in many sectors, and economic uncertainties continue to pressure household finances.
Image Credits: Photo by Towfiqu barbhuiya on Unsplash
