It’s a taxing experience.
Over half (54%) of Gen Zers report that the stress of filing taxes has brought them to tears, according to a new survey commissioned by Cash App Taxes.
One in 4 Gen Zers even claim they need help from their therapist to recover from the traumatic experience.
“People in these generations are used to products and services that make their lives easier. Need food? Three taps and dinner is on the way,” Lindsay Bryan-Podvin, a financial therapist at Mind Money Balance, told The Post on Monday.
“Want new music to listen to? A curated playlist is already on your music player,” she added. “Taxes feel tedious and stressful; worst of all, the consequences are pretty high!”
Much of this stress seems to stem from confusion surrounding the process of filing taxes — something American adults have been doing for more than 100 years.
Many Gen Zers and millennials don’t even know when their taxes need to be filed, the Cash App survey found.
The answer is Monday, April 15, 2024, for most taxpayers and April 17 for those in Maine or Massachusetts.
“It’s clear that many Americans — but particularly younger filers — view filing their taxes as a confusing, anxiety-inducing experience that’s painful to navigate,” Erika Carney, product lead for Cash App Taxes, said in a statement.
People who do it themselves often spend an average of nine hours filing their taxes — but it’s a necessary undertaking.
“Getting hit with a penalty, owing money, or being audited are terrifying prospects,” Bryan-Podvin noted.
She encourages confused adults to seek professional help. You can visit 211 for county-specific tax and financial services.
Taxes aren’t the only financial issue stressing Gen Zers and millennials out. They are losing sleep over money in general.
More than half of Gen Zers (56%) and millennials (51%) say their finances keep them up at night, compared to just 37% of Gen Xers and 20% of baby boomers, according to a 2023 study by Empower.
This might have to do with many Gen Zers and millennials still being financially dependent on their parents.
More than half of adults 18 to 34 years old rely on some sort of allowance from their parents, according to a study releasedlastmonth bythe Pew Research Center.
It’s not necessarily that Gen Zers and millennials are spoiled or bad with money. Rather, these generations have amassed more debt chasing the American dream than their parents.
American adults today also tend to be older when accomplishing common life goals like promotions, marriage and parenthood. Experts have noted that financial and cultural changes are likely responsible for adults today delaying when they achieve key milestones.