


Show them the money.
In these anxious-making times of economic uncertainty where the cost of everything is up, from your morning cup of coffee to a mortgage, struggling Gen Z and millennial workers are rushing to file their taxes, research shows — and keeping fingers crossed for a fat refund.
In a typical year, Americans can be depended upon to procrastinate, waiting until the dreaded April 15 deadline, WWD reported.
But according to a new survey commissioned by Credit Karma, 54% of us are rushing our documents to the proverbial post office this time around, hoping to get those 2023 refunds that much quicker.
That number includes 64% of Gen Z filers and 65% of Millennials, with the report’s authors noting the sense of urgency, saying that many are depending on hoped-for refunds to subsidize their earnings and pay down debt (34%) — while others (36%) are anxiously filing to find out whether they owe.
And while 31% of the total number of taxpayers confessed to depending on refunds to pay their bills — including the basics like rent and groceries — that number shoots up to 38% of Gen Zers and 40% of Millennials.
Commonly blamed for the hand-to-mouth situation are the rising cost of living (56%), living paycheck to paycheck (46%) and inflation (45%).
Student loan repayments were one of the more popular reasons for the refund rush job, the study showed, with 44% saying any money they received would be thrown straight down that particular debt hole.
“Refunds are often the largest windfall for Americans, and many rely on this annual infusion of cash to make ends meet, pay off debt or kick off savings for the year ahead,” said Courtney Alev, consumer financial advocate and head of tax at Credit Karma.

“Americans’ dependency on refunds may be heightened this year as many grapple with the increased cost of living, which has led many Americans to live paycheck to paycheck.”
Not that everybody’s drowning and waiting to be thrown the lucre life raft — one in five respondents said they’ll travel with the returned funds, or throw the money at large purchases like cars and appliances. Out of that group, Gen Z (29%) and Millennials (28 percent) appeared to be the least afraid of a splurge.
The revealing numbers dropped on the heels of a caution from the IRS that refunds so far are smaller than normal this year.
More than 128.7 million individual tax returns will be filed by the April deadline this year, the IRS estimated.