Younger Generations Lead in Savings Growth, Survey Finds

Gen Z and Millennials have grown their savings more in 2025 than older generations, according to a Santander Bank survey. Over half of Gen Z and Millennial respondents reported saving more, while high-interest CDs are on their radar, with 74% expressing interest. Most young people prioritize growing savings, with 80% naming it their top financial priority.

According to a recent survey conducted by Santander Bank, Gen Z and Millennials have significantly increased their savings in 2025 compared to older generations. The survey found that 58% of Gen Zers and 54% of Millennials have increased their savings since the beginning of the year, outpacing their Gen X (47%) and Baby Boomer (39%) counterparts [1].

The survey also revealed that a majority of consumers, particularly younger generations, are prioritizing savings. Eighty-one percent of Gen Z and 79% of Millennials consider growing their savings a top financial priority. To achieve this, many are making lifestyle sacrifices, with 69% of Gen Zers and 62% of Millennials making trade-offs in the past three months to save more [1].

Interest in high-yield savings accounts and CDs is also growing, with 61% of consumers expressing interest in opening a CD to secure higher rates. Among Gen Z, 74% are interested in opening a CD before rates come down, despite their limited familiarity with these accounts [1]. This interest is driven by the potential for CDs to offer higher yields compared to traditional savings accounts and checking accounts, which are currently the primary savings options for many consumers [1].

To support their savings goals, consumers are increasingly turning to digital banking options. Eighty-two percent of consumers agree that choosing the right financial provider is key to achieving their savings goals, and 82% would consider using a digital banking option as their primary provider [1]. This preference for digital banking is driven by the perception that these options offer more competitive rates on savings, as well as the convenience and accessibility they provide.

The survey also found that proactive planning leads to better savings outcomes. Consumers with defined savings goals and budgets were significantly more likely to grow their savings in the second quarter of 2025. Among those who met their savings goals, some top strategies included reducing spending (48%), sticking to a strict budget (41%), and using automated transfers from a paycheck or checking account into a savings account (24%) [1].

Santander Bank, N.A. is one of the country’s leading retail and commercial banks, with $102 billion in assets as of December 31, 2024. The bank offers a range of savings and lending solutions, including high-yield savings accounts and CDs, through its existing branch network and digital platform, Openbank US [1].

References:
[1] https://www.businesswire.com/news/home/20250820208112/en/Gen-Z-Achieving-Success-in-Saving-Showing-Interest-in-CDs-to-Accelerate-Growth-Santander-Bank-Survey-Finds