25% of Gen Z’ers Say They’ll Need a Therapist to Deal With Tax Filing Stress
Written by: Norma Goodman
Tax season can be a stressful time for individuals of all ages, but it appears that the younger generations, specifically Gen Z, are feeling the pressure more intensely. According to a recent survey conducted by Cash App Taxes, an astonishing 25% of Gen Z taxpayers claim they will need the assistance of a therapist to cope with the stress of filing their taxes this year.
A staggering 54% of Gen Z’ers stated that filing taxes has either brought them to tears in the past or they anticipate shedding tears this year. These findings have raised eyebrows and elicited criticism from individuals who believe that Gen Z’ers may be overly pampered and fragile.
Richard Pianoforte, the managing director of tax at Fiduciary Trust International, expressed surprise that the number of Gen Z’ers seeking therapy for tax-related stress isn't even higher, as reported by CNBC. Pianoforte, who himself has children in this age group, points out that schools do not adequately prepare young individuals for the complexities of tax filing, leading to understandable confusion and anxiety.
Even the initial step of determining which documents are necessary for filing can induce anxiety, as 62% of first-time filers from Gen Z admitted to being unsure of where to obtain their W-2s or 1099s.
While it is important to acknowledge the stress and confusion that some Gen Z taxpayers may experience during tax season, critics argue that this survey highlights a growing trend of fragility and an expectation of handholding among younger generations.
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The idea that a significant portion of Gen Z’ers believe they need therapy to cope with the unavoidable responsibility of filing taxes raises concerns about their ability to handle challenges and navigate the realities of adulthood.
In contrast, conservatives argue for personal responsibility and resilience, believing that individuals should be equipped with the necessary skills to tackle tax-related obligations without relying on therapy as a crutch. They contend that fostering self-reliance and a sense of personal accountability is essential for the growth and development of younger generations.
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