Most Americans Feel They May Never Reach Their Savings Goals, Survey Finds

As National Financial Literacy Month unfolds, a new survey reveals that nearly seven in 10 Americans feel behind on their savings goals — and nearly half believe theyll never catch up.

The survey of 2,000 Americans, commissioned by consumer banking app Current and conducted by Talker Research, found that 67% of respondents feel off track financially. Among them, 47% dont think theyll ever reach their savings targets.

One key reason? Many arent just saving — theyre regularly withdrawing funds to cover basic needs. Since the beginning of 2025, 63% of Americans with savings have tapped into their accounts, and 19% have done so five or more times.

Unexpected expenses were the leading reason (48%), followed by everyday purchases (36%), emergencies (30%), and rent or mortgage payments (23%). Only 18% said theyd withdrawn money for something they had actually been saving toward.

Though the average respondent is putting away about $496 per month, three in 10 reported saving $200 or less. For a quarter of Americans, the result is a smaller savings account balance now than at the start of the year.

Generational differences are striking: 31% of Gen X respondents said their savings had decreased, the highest of any age group. Millennials were the least likely to see a drop, and Gen Z was most likely to report an increase in savings.

“Americans are demonstrating incredible resilience and commitment to saving, even in challenging times,” 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.”

Bruehl says the fact that people are dipping into their savings shows the savings are working as intended.

“Over 60% of people have needed to use their savings this year, highlighting exactly why Americans are smart to try and build this financial cushion. Their savings are successfully serving their intended purpose — helping navigate both unexpected costs and ensuring they can maintain their essential needs.”

The survey also examined attitudes toward banking institutions. While 71% of Gen Z said their bank is helping them reach their financial goals, more than half also believe they could get more from another provider. Nearly a third think their current banks offerings are outdated.

That dissatisfaction may be driving interest in alternatives: 45% of Gen Z said theyd be willing to switch banks, compared to just 21% of baby boomers.

“Americans should select financial institutions that help them reach their goals,” Bruehl said. “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 that provide additional cushion when bills are due. These benefits put more money in consumers pockets and can help people achieve their goals faster.”

Despite economic headwinds, the survey shows Americans are still trying — and perhaps more aware than ever of the importance of flexible, supportive financial tools.