Chime<\/a>\u00a0in honor of Financial Progress Month, the survey found that the definition of \u201cfinancial progress\u201d 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\u2019s more about finding ways to grow the money they already have (31%).<\/p>\nFor 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.<\/p>\n
Still, for 43% of all Americans polled, \u201cfinancial progress\u201d simply means being in a better position than they were a year ago.<\/p>\n
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.<\/p>\n
Gen Z, interestingly, was the likeliest to say that they\u2019re doing better (55%), while baby boomers are the likeliest to say they\u2019re doing worse (38%).<\/p>\n
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\u2019t come easy.<\/p>\n
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 share how much money is in their bank account.<\/p>\n
On the other hand, those from Gen X (14%) and baby boomers (9%) admitted they\u2019d rather gossip about other people\u2019s children before telling their friends how much money they have.<\/p>\n
Debt is a sore spot, particularly, as one in five would rather talk to their co-workers about weight loss or dieting (20%), their religious views (18%) or politics (18%).<\/p>\n
More than one in 10 Gen Z (14%) and millennials (13%) would even rather discuss their digestive issues over debts.<\/p>\n
\u201cMoney has long been a taboo topic, but that\u2019s changing. More people are realizing that open conversations about budgeting, saving, and financial challenges are key to building confidence and making informed decisions,\u201d said Chime Chief Spending Officer, Janelle Sallenave. \u201cWe believe that being comfortable talking about finances \u2014 just like any other life goal \u2014 helps people take control of their financial future and support one another along the way.\u201d<\/p>\n
Even where they have their own sensitive topics, half of younger Americans think that the older generations are too private about their finances (51%) \u2014 and they may be right.<\/p>\n
One in six of all respondents expressed feeling less comfortable about \u201cmoney talks\u201d in the past five years, including 20% of baby boomers.<\/p>\n
Still, 45% of all of those surveyed are more open to having candid conversations about money today than five years ago.<\/p>\n
Respondents who have had an easier time with money talks said that they\u2019ve found they get better advice by being open (42%), that they\u2019re not ashamed of their struggles (25%) and that these talks lead to better money habits (32%).<\/p>\n
In fact, only 13% of Gen Z wouldn\u2019t be comfortable asking their friends and family questions such as \u201cHow much money should I have in savings?\u201d or \u201cWhat is a 401(k)?\u201d compared to 44% of Gen X and an astounding 64% of baby boomers.<\/p>\n
On the flip side, Americans struggle with these candid conversations not because they don\u2019t know what to ask but because they say they are worse off financially than they used to be (33%).<\/p>\n