Frugality Finds New Popularity As Americans Embrace Budgeting And Openness About Money

A new survey suggests that being financially frugal is not only more acceptable than it used to be — its officially “in.”

According to a nationwide survey conducted by Talker Research for banking app Chime in honor of Financial Progress Month, 61% now believe being frugal is less stigmatized than it was a decade ago. The research indicates a cultural shift in how Americans view money. Rather than equating frugality with being “cheap,” most respondents define it as being careful with spending (46%) and avoiding unnecessary purchases (43%).

The change in attitude extends beyond spending habits. A significant majority (72%) said its more socially acceptable today to talk openly about being on a budget. Gen Z, in particular, appears to be leading the charge — not only in embracing budgeting but also in redefining what financial progress looks like. For them, it means being able to buy what they want at the grocery store (32%). Millennials prioritize growing the money they already have (31%), while older generations focus on saving and covering expenses.

Despite generational differences, theres one unifying view: progress means being better off than a year ago. Nearly half (43%) say theyve made financial gains over the past five years, with that percentage climbing to 55% for Gen Z, though that optimism is less common among baby boomers, 38% of whom feel worse off than before.

While openness is increasing, discomfort persists around discussing money. Many respondents would rather talk about politics (26%), health (19%), or even hygiene habits (18%) than reveal their bank balance. Baby boomers and Gen X are particularly hesitant, with one in five admitting they feel less comfortable talking about money now than five years ago.

Debt remains one of the most taboo topics. Millennials and Gen Z were more likely to say theyd rather talk about digestive issues than their financial obligations.

Still, theres evidence that greater transparency is catching on — especially among younger people. Only 13% of Gen Z respondents said they wouldnt feel comfortable asking basic financial questions like “What is a 401(k)?”, compared to 44% of Gen X and 64% of boomers.

“Money has long been a taboo topic, but thats changing. More people are realizing that open conversations about budgeting, saving, and financial challenges are key to building confidence and making informed decisions,” said Janelle Sallenave, Chief Spending Officer at Chime. “We believe that being comfortable talking about finances — just like any other life goal — helps people take control of their financial future and support one another along the way.”

The survey also showed how financial relationships are shifting. While 31% of respondents said theyd ask their parents for help in a pinch, just as many said theyd be more willing to lend $100 to a friend or partner than ask for it themselves.

When asked to define financial success, nearly half said its having more in savings than checking. But treating friends and family — once considered a luxury — is now viewed as a top sign of having “made it.”

“Younger generations are pushing for more transparency around money, and for good reason — open conversations lead to better financial habits and smarter decisions,” Sallenave said. “We’re seeing this shift reflected in recent social media trends which encourage people to talk more openly about their finances. Breaking the silence helps people gain insights, reduce stress, and build healthier relationships with money. The more we talk about it, the more we can learn from one another!”