HALF of millennials (born between 1981 and 1996) say they depend on their tax refunds to make ends meet, highlighting the financial struggles many young adults face in today’s economy.
According to a new survey, 51% of millennials struggle to make ends meet, with 47% relying on their tax refunds to cover essential expenses such as rent, utilities, and groceries. This is up from 36% in 2019, indicating a growing trend of financial strain among this age group.
The survey also revealed that 56% of millennials report difficulty saving money, with 45% stating they are unable to cover unexpected expenses. This has led many to feel like they are living paycheck to paycheck, with 52% admitting to having less than $1,000 in savings.
The data suggests that many millennials are using their tax refunds as a lifeline, with 45% already having plans to use the money to pay off bills and 26% planning to use it to build an emergency fund. Only 14% plan to save or invest the refund, highlighting the urgent need for financial assistance and education among this age group.
“Millennials are facing unprecedented financial stress, and it’s no wonder many are turning to their tax refunds as a safety net,” said [Name], CEO of [Company]. “We believe it’s crucial to provide them with the tools and resources they need to better manage their finances and build a brighter financial future.”
