Millennials are most worried about tax season, survey finds

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1st March 2016 15:38 - Financial Services

A recent finance survey has revealed that millenials are the most worried group when it comes to filing taxes.Millennials are most worried about tax season, survey finds

Conducted by NerdWallet, the online survey discovered that 80 per cent of taxpayers between the ages of 18 and 34, who files taxes last year, and intend to do so again this year, said that they are fearful about some aspect of preparing their taxes. This percentage represents the highest figure of any of the demographics in the survey. Amongst all of the age groups, the average percentage was 69 per cent.

Of the millenials who admitted to being fearful of tax season, 22 per cent said that their biggest fear is making a mistake on their tax returns. The millenials were also found to be more likely (17 per cent) than other adult age groups to fill their tax returns on paper and send them in the post.

According to the market research, millennials are also the group who were the most concerned about leaving tax-refund money on the table. Of the individuals who got a tax refund last year, 16 per cent said they are not certain that they got the maximum they could. This percentage is double the rate of taxpayers aged between 45 and 54 and eight times higher than those aged 65 and above (2 per cent).

The concerns presented in the survey could possibly be one reason as to why millenials often grill their tax professionals. Even though millenials are as likely to utilise tax software as any other age group (36 per cent for millenials and 35 per cent of all ages), the market research discovered that those who used tax professionals were more likely than other demographics to ask important questions before recruiting help.

The findings also revealed that tax professionals and tax software are not the first port of call when it came to the millenial’s tax questions.

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