KeyBank’s newly released 2025 Financial Mobility Survey reveals a major shift in how Americans view financial success — with 74 percent saying debt-free living now matters more than traditional milestones like buying a home or getting married.
Despite rising financial stress (up to 68 percent from 50 percent last year), many are using that pressure to build long-term resilience and confidence. The survey highlights generational differences, changing priorities and new definitions of success.
KeyBank also found that many are turning that pressure into purpose and building resilience for the long term. In fact, 1 in 3 (35 percent) Americans feel in control or proud of how they manage their money. The survey polled more than 1,000 Americans to gain insights into respondents’ spending and savings habits, levels of financial confidence, stress, resiliency, economic sentiment, and the impacts of debt.
Highlights of the study included these issues:
Americans’ emergency readiness drops as costs climb: Over the past six years, day-to-day price increases and financial stress have eroded Americans’ confidence in their ability to cover an unexpected $2,000 expense. Today, one in four (25 percent) Americans are certain they cannot come up with $2,000 if an unexpected need arises, compared to 19 percent in 2024. The most affected generation is Gen X, with 36 percent saying they could not come up with
the money.
Traditional milestones have taken a back seat … for now: 53 percent of consumers say that paying for experiences or a certain lifestyle was less of a priority than one year ago, and 39 percent said both buying a home and getting married were less of a priority than one year ago. Still, more than half (55 percent) consider homeownership a “very important” part of their definition of success.
The feeling of success has decreased: Only 39 percent of Americans report feeling more financially successful than they did five years ago. For those who felt less successful (22 percent), it was due to the rising cost of living and inflation (71 percent), economic uncertainty (45 percent), and job changes or career burnout (26 percent).
Younger generations are living on their own terms: Gen Z is rewriting the definition of success, with just 13 percent saying they’re still pursuing traditional milestones. Additionally, 33 percent of Gen Zers say they have decided against buying a home, 33 percent have decided against getting married, 34 percent have decided against having children, and 34 percent have decided against pursuing a higher education because it no longer fits their definition of success.
The kids are all right; the grandparents are not: 28 percent of Gen Zers say that their current approach to money is “I’ll figure it out,” more than any other generation. On the flip side, 16 percent of Gen Xers say, “I need a financial miracle,” which is the highest of any
generation.
“The financial landscape for Americans is shifting in profound ways,” said Daniel Brown, executive vice president and director of consumer product management at KeyBank. “It’s showing that the measure of success is not wealth alone, but also the ability to live debt-free and prepare for what’s ahead.
“For many Americans, rising costs aren’t just numbers on a receipt; they represent difficult choices that shape everyday life,” Brown continued. “Whether it’s prioritizing debt reduction or using new financial tools, people are looking for ways to stay in control while navigating an uncertain environment. We know that every financial journey is personal, and our role is to help clients find practical, meaningful steps that fit their circumstances and help them move forward on their financial journeys.”