Every April, Uncle Sam makes you file your taxes, something no one looks forward to. That’s especially true for Gen Z taxpayers, who are feeling an overwhelming amount of stress about filing.
According to a recent survey, 25 percent of Gen Z adults said they need to speak with a therapist to get help dealing with the stress of tax season. Additionally, 54% said filing taxes has either brought them to tears before, or they expect it to this year.
A majority of Gen Z’s stress stems from unpreparedness, with 62% of first-time filers saying they don’t even know where to get their W-2s or 1099s. Gen Z in particular has grown up with easy-to-access services, and the complexity of tax filing season — which on average can take up to nine hours — is exhausting for these young adults.
“People in these generations are used to products and services that make their lives easier,” Lindsay Bryan-Podvin, a financial therapist at Mind Money Balance, said. “Need food? Three taps and dinner is on the way. Want new music to listen to? A curated playlist is already on your music player.
“Taxes feel tedious and stressful,” she continued. “Worst of all, the consequences are pretty high!”
Almost half of the members of Gen Z surveyed were unsure of the tax deadline (hint: it’s April 15). There’s still a window of time to get things done, and while therapy can help, there are other resources available that can help even more. For example, the IRS website has an Interactive Tax Assistant tool that addresses questions specific to your individual tax circumstances, as well as a thorough FAQ page.
