If you answer yes to the above, you’re not alone.
Tax season is a particularly stressful time for many Americans. Every year, millions face the daunting task of preparing and filing their tax returns.
Our latest research reveals that Americans are clinging tightly to their peace of mind, with tax season causing significant anxiety and hesitation. Data shows that one in three Americans (34%) report feeling anxious or stressed about tax season.
This anxiety partly stems from the sheer amount of time spent on taxes. Nearly three in ten Americans (29%) spend five or more hours each year managing their tax returns. This time commitment adds to the season’s stress and frustration.
The dread of tax preparation is so intense that many would rather engage in other time-consuming activities. Close to half (45%) of Americans would rather spend a day without internet than prepare and file a tax return and four in ten (39%) would prefer taking on challenging tasks like assembling IKEA furniture. These figures highlight the extreme measures people would consider avoiding this annual obligation.
Our research shows that 49% of people have little to no understanding of how to fill out U.S. tax forms; this aversion is even more pronounced among Gen Z, where 53% have minimal understanding of filing taxes. When it comes to the most confusing aspects of tax filling, 42% of the total population find understanding deductions and credits most challenging, whereas Gen Z find the calculation of income and expenses (40%) most confusing.
Procrastination is also a significant issue, with 35% of adults admitting they delay filing their taxes. Among Gen Z, this number is slightly higher, with 42% procrastinating.
A broader concern is how tax season impacts financial decision-making. The combined stress and time commitment lead to dissatisfaction and avoidance. As the tax filing deadline approaches, exploring solutions and support systems is essential. Simplifying the process and providing better resources can significantly reduce anxiety and time spent on tax preparation. Addressing these issues can make tax preparation more user-friendly and stress-free.
After all, wouldn’t we rather spend that time doing something fun? Maybe trying out a new hobby, binge-watching our favorite shows, or just enjoying a peaceful day without the stress of tax-time.
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We fielded this survey to a national audience of n=1000, and it was completed in approximately five hours. We have global access to consumers in over 95 countries to quickly field quantitative and qualitative surveys. We’d love to help with your next survey needs.