Nearly half of Americans are struggling to save money and reach their financial goals, according to a new survey conducted by Talker Research. The research, commissioned by consumer banking app Current, questioned 2,000 Americans across different generations and found that 67% feel they are lagging behind their savings goals. Even more concerning, 47% have completely given up hope of ever reaching their financial milestones.
The survey reveals a troubling trend of people repeatedly dipping into their savings accounts. Since January 2025, 63% of those with savings accounts have withdrawn money, with nearly one in five making five or more withdrawals. These withdrawals are not being used for leisure or shopping, but rather to cover basic and emergency expenses.
The top reasons for withdrawals include unexpected expenses (48%), everyday necessities that they couldn’t otherwise afford (36%), emergencies (30%), and housing payments such as rent (23%). Only 18% reported using their savings for something they had saved for. On average, Americans try to save $496 per month, but this amount varies significantly.
Three in ten respondents can only set aside $200 or less per month.
Americans struggle to save money
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 respondents seem to be struggling the most, with 31% reporting decreased savings, the highest among all age groups. “Americans are demonstrating incredible resilience and commitment to saving,” said Erin Bruehl, vice president of communications at Current. “The fact that people are actively trying to build emergency funds shows their commitment to financial responsibility.
Over 60% of people have needed to use their savings this year, highlighting exactly why Americans are smart to maintain this financial cushion.”
The survey also revealed a generational divide in satisfaction with banking relationships. Among Gen Z, 71% said their bank helps them reach financial goals, a satisfaction rate that drops steadily with age. Only 61% of millennials, 51% of Gen X, and just 41% of baby boomers shared positive feelings about their banking relationships.
Despite relatively high satisfaction, 52% of Gen Z think they could get better service elsewhere, and three in ten find their bank’s benefits to be outdated.
“Americans should select financial institutions that help them reach their goals,” Bruehl advised. Online or mobile-only solutions often offer higher savings rates than traditional banks without monthly or minimum balance fees and provide additional benefits like early paycheck access and fee-free overdraft protection. These benefits can put more money in consumers’ pockets and help people achieve their goals faster.”
The survey highlights the financial bind many Americans find themselves in, knowing the importance of saving, but facing constant obstacles that derail their progress.
For financial institutions, these findings present 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.
Image Credits: Photo by Towfiqu barbhuiya on Unsplash
