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The Daily

Survey: Young People Have Tax Anxiety

By:
Chris Gaetano
Published Date:
Feb 19, 2016
TaxWorryA Harris Poll commissioned by personal finance website NerdWallet has found that while everyone gets anxious during tax season, young people worry the most. The survey of 2,046 Americans found that 80 percent of taxpayers from 18 to 34 said they were concerned about making a tax mistake like paying too much. 

By contrast, 60 percent of adults aged 55 and older had the same worries. 

NerdWallet attributes this difference to younger people having less familiarity with the tax code, and less cash to seek professional financial help. 

This lines up with another survey finding that says 17 percent of young people plan to hire a tax professional, versus the 29 percent overall average. Instead, they are more likely to turn to family and friends for advice, at 34 percent, nearly twice the 19 percent overall average.