Gen Z and Millennials Rush Tax Filings, Pin Hopes on Refunds for Bills and Basic Needs Amid Inflation

Gen Z and Millennials are rushing to file taxes and claim refunds to cope with economic uncertainty and rising costs
54% of filers are submitting taxes early to get refunds faster, including 64% of Gen Z and 65% of Millennials
38% of Gen Z and 40% of Millennials depend on refunds to cover basic living costs due to inflation and low wages
Top reasons for wanting refunds fast are to pay bills, rent, groceries, and student loans
Despite rush, IRS says refunds are smaller than usual so far, managing expectations