Santander Bank recently published results from a new survey with a main finding of Gen Z increasing their savings compared to their older peers.
58% of Gen Z respondents increased their savings since the start of the year, followed by Millennials at 54%, Gen X at 47%, and Boomers at 39%.
This is part of an overall trend of more focus on savings, and cutbacks in certain lifestyle choices and spending habits.
81% of Gen Z respondents and 79% of Millennial respondents said growing savings is a top priority. Furthermore 69% of Gen Zers and 62% of Millennials made lifestyle trade-offs in the past three months to save more.
Santander Bank Head of Retail Banking & Transformation Swati Bhatia explained the promising signs for the younger generations.
“They are showing real determination as they find ways to cut spending and build savings, even in a challenging environment,” she said. “These savers now have an opportunity to grow their savings further by using high-yield savings accounts and CDs that are currently offering meaningful interest rates.”
Among the major findings from the survey:
- Gen Z members aren’t using accounts that pay higher interest rates.
- Just 38% of Gen Z respondents earn at least 3.00% APY, lowest of any generation
- 74% of Gen Z respondents are interested in opening a CD ahead of potential Fed rate cuts, highest of any generation
- 43% of Gen Z lacks familiarity with understanding how CDs work, the most of any generation
- The right banking partner can support saving goals and build financial confidence.
- 82% of respondents in total agree choosing the right financial partner is the key to reaching saving goals
- 63% see digital banking options as offering better rates on savings
- 70% would have more trust using a digital banking option if it also had physical locations (even if none were nearby)
- Consumers with defined savings goals and budgets were significantly more likely to grow their savings in Q2.
- Reducing spending (48%)
- Sticking to a strict budget (41%),
- Using automated transfers from a paycheck or checking account into a savings account (24%)
- Using higher-yielding deposit accounts also correlates with stronger savings results.
- Seven in 10 consumers with accounts such as high-yield savings accounts or CDs increased their savings since the start of the year, compared to just 38% of those without.
- Similarly, 68% of high-yield accountholders met their savings goals in the first half of the year, more than double the 32% of non-users.
This research on growing personal savings, conducted by Morning Consult on behalf of Santander Bank, surveyed 2,276 American adults. This Q2 study was conducted between June 27 – June 29, 2025. The interviews were conducted online, and the margin of error is +/- 2 percentage points for the total audience at a 95% confidence level. This data was weighted to target population proportions for a representative sample based on age, gender, ethnicity, region, and education.
The full survey can be found here.
