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.
Solve Your Generational Challenges with Custom Research and Keynote Speaking
We lead national and international generational studies for our clients every day. We also keynote events around the world to help businesses better understand their Millennial and Gen Z customers and workforce.
Let us know how we can help you. Send us an email or give us a call and we’ll be happy to provide a little information for you to review.
Keep the conversation going, follow Jason and The Center on Instagram @Jason_Dorsey and @TheGenHQ or on Twitter @JasonDorsey and @GenHQ. We are passionate about sharing our latest generational discoveries!
