Photo: MementoJpeg / Moment / Getty Images
Photo Credit: Getty Images
A lot of us are watching our spending these days, and it turns out, it’s no longer something you have to hide. In honor of Financial Progress Month, a new survey looks at what financial progress means to Americans and how much of it we’re making.
It finds that being “frugal” is in, with 61% of respondents agreeing that it’s less tacky to be “frugal” now than it was 10 years ago. But what does “frugal” mean, exactly? For nearly a quarter of the 2-thousand U.S. adults polled, it just means being “cheap,” but twice as many respondents define it as being careful with money (46%) and avoiding unnecessary spending (43%).
- Nearly three-quarters (72%) agree that being open and honest about being on a budget is more socially acceptable today.
- When it comes to “financial progress,” 43% say the term simply means being in a better position than they were a year ago.
- For Gen Z, it means being able to buy whatever they want at the grocery store (32%), while for millennials, it’s more about being able to grow the money they already have (31%).
- For Gen X and baby boomers, financial progress also includes having money left over after paying bills and being able to add to their savings.
- Overall, 43% believe their financial situation is generally better than it was five years ago, while 29% say theirs is actually worse now.
- While almost half (45%) of those polled say they’re more open to having candid conversations about money today than five years ago, there are still some topics that are off-limits.
- Americans would rather talk to friends about who they voted for (26%), their medical concerns (18%) and how often they shower (18%) than reveal how much money they have in the bank.
- People would rather talk to a coworker about weight loss or dieting (20%), their religious views (18%) or politics (18%) than their debt.
Source: Talker