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In a nutshell
- 61% of Americans agree that being “frugal” is less tacky today than 10 years ago, viewing it as being careful with money (46%) rather than “cheap” (23%).
- Generational differences exist in financial openness: only 13% of Gen Z would be uncomfortable asking basic money questions compared to 64% of baby boomers.
- Nearly three-quarters (72%) of Americans now believe being open about budgeting is socially acceptable, with those embracing transparency reporting better advice (42%) and improved money habits (32%).
NEW YORK — The word “frugal” is getting a major rebrand in American culture. Once potentially seen as a negative trait, being careful with money has evolved into a widely accepted approach to personal finance. Recent research reveals that 61% of Americans believe being frugal is less tacky today than it was 10 years ago, and it is generally viewed as a more positive characteristic.
The survey, conducted by Talker Research for banking app Chimewith, shows that most associate frugality with careful money management (46%) and avoiding unnecessary spending (43%) rather than being “cheap” (23%).
Money Talks: Breaking Down Financial Taboos
Nearly three-quarters (72%) of Americans agree that being open about budgeting is more socially acceptable today. Despite this progress, many still find financial conversations challenging. The survey shows Americans would rather discuss politics (26%), health concerns (19%), or even personal hygiene (18%) with friends before revealing their bank account balance.
“Money has long been a taboo topic, but that’s changing,” says Chime Chief Spending Officer Janelle Sallenave. “People now recognize that open conversations about budgeting, saving, and financial challenges are key to building confidence and making informed decisions.”
For those who have embraced financial transparency, the benefits are clear:
- 42% receive better financial advice
- 32% develop improved money habits
- 25% overcome shame about financial struggles
Generation Gaps: Different Financial Outlooks
How people define “financial progress” varies significantly by age:
- Gen Z (32%): Having enough to buy whatever they want at the grocery store
- Millennials (31%): Finding ways to grow existing money
- Older generations: Having money left after bills or consistently adding to savings
The survey also exposed a striking generational divide in comfort with financial discussions. While only 13% of Gen Z respondents would feel uncomfortable asking basic financial questions like “What is a 401(k)?”, a substantial 44% of Gen X and 64% of baby boomers would find such questions uncomfortable.
Half of younger Americans believe older generations are too private about finances—a perception the data largely confirms. Among baby boomers specifically, 20% report decreasing comfort with financial discussions over the past five years.
Building Financial Support Networks
Despite growing comfort with money talk, many Americans still struggle with financial transparency due to personal circumstances:
- 33% feel worse off financially than before
- 31% believe they should be in a better position
- 29% feel embarrassed by their financial situation
When facing financial needs, nearly a third (31%) would approach their parents first if they needed $100, though they’d be more likely to lend that amount to their partner (34%) or best friend (31%). The ability to treat family and friends ranks as a top indicator of “making it” financially (40%), second only to having more savings than checking account funds (49%).
“Younger generations are pushing for more transparency around money,” adds Sallenave. “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.”
Survey Methodology: Conducted by Talker Research for Chime between March 13-21, 2025. Sampled 4,000 Americans split evenly by gender and generation. The online survey included quality control measures to ensure data reliability. Results may not represent those without internet access.
