Survey reveals growing acceptance of frugality among Americans

Being “frugal” is “in” according to a majority of Americans.A survey of 2,000 Americans split evenly by generation and gender found that 61% agree that it’s less tacky to be “frugal” today than it was 10 years ago.In fact, the word no longer holds a harsh connotation, as respondents were likeliest to say that it’s about being careful with money (46%) and avoiding unnecessary spending (43%) as opposed to being “cheap” (23%).Moreover, nearly three-quarters of those surveyed agree that being honest and open about being on a budget is more socially acceptable today (72%), and respondents are even getting crafty with saving money.Conducted by Talker Research on behalf of banking app Chime in honor of Financial Progress Month, the survey found that the definition of “financial progress” is unique for everyone.For Gen Z, it means being able to purchase whatever they want at the grocery store (32%), while for millennials, it’s more about finding ways to grow the money they already have (31%).For the older generations, that definition expands to include having money left over after paying bills and expenses, or simply being able to put money into their savings.Still, for 43% of all Americans polled, “financial progress” simply means being in a better position than they were a year ago. Putting that to the test, the survey found that 43% believe their financial situation is generally better today than five years ago, while fewer (29%) said the exact opposite.Gen Z, interestingly, was the likeliest to say that they’re doing better (55%), while baby boomers are the likeliest to say they’re doing worse (38%).For some, these bumps in the road may have them turning to loved ones for support; but despite it becoming more socially acceptable, those conversations don’t come easy.Americans would rather talk to friends about who they supported politically in the election (26%), medical concerns (19%) and how often they shower (18%) before they sh...