Millennials and Taxes: The Knowledge Gap

Many young adults still rely on parents to do their taxes

Millennials and Taxes: The Knowledge Gap

Many Millennials still receive financial help from their parents well into their twenties and thirties—and not just in cash. A surprising number of Millennials also rely on their parents to not only help them with their taxes, but to do it for them completely.

Why are parents helping Millennials with their taxes?

A recent Wall Street Journal article interviewed several parent-and-Millennial pairs about the matter, and most of the Millennial respondents were upfront about their knowledge gap when it came to taxes, and even more blatant with their lack of desire to learn.

One interviewee, Meredith Hirt, 26, said that her father does her taxes and that she felt no motivation to change that. It’s partially because her father, Joe Hirt, 63, encourages it.

“I’m doing something for my fully able daughters, and, as a parent, I just get a kick out of it,” he said. “They still need me for something.”

What don’t Millennials know about taxes?

According to a study in the New York Post, 66% of Millennials surveyed didn’t know that taxes were due on April 17th this year.

A majority of Millennials were also unaware that certain life events can significantly affect your tax return, including getting married, having a child, and buying or selling a home, despite 72% of them having experienced at least one of these events in the past year.

It will certainly be interesting to see what will happen when Millennials can no longer rely on their parents for help with their taxes.

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