A recent survey from Potomac, Maryland-based Forbright Bank identified recurring money trends and habits. The bank’s second annual savings survey reported, according to those surveyed, four strategies that help build financial wellness: saving regularly, budgeting, reducing unnecessary spending and paying down debt.
The survey, which polled more than 3,200 people, also found differences in each generation’s approach to money. Millennials were the most likely generation to say they regularly contribute to an emergency fund, with 71% reporting that habit. The survey also found that comfort discussing money with children and parents tended to increase among younger respondents, while older generations reported more hesitancy around those conversations — suggesting that financial wellness is shaped not only by individual habits, but also by life stage and family communication patterns.
Among the reports findings were that Gen Z is more comfortable talking about money. Seventy-two percent of Gen Z respondents reported being comfortable talking about money, compared to only 56% of Millennials, 47% of Gen Xers, and 31% of Baby Boomers. However, only 28% of Forbright Bank customers and 20% of general consumers said they feel comfortable talking with their children about finances.
Millennials lead in saving regularly for emergencies, with 71% saying they regularly contribute to an emergency fund. That’s the highest share of any generation in the survey. Coming of age during the 2008 Great Recession, according to the survey, may have made them more vigilant about saving money.
Digital actions like using autopay, setting up recurring transfers, and taking advantage of automatic alerts make saving easier, so progress can continue even during busy or uncertain times. Sixty-six percent of Forbright Bank customers report autopaying bills to avoid late fees, the highest ranked action customers use to save time and money.
