Connect with us

Hi, what are you looking for?

OMD NewsOMD News


Tax Refunds – Younger Generations Quick to Spend: How Do Boomer and Gen X Debt Compare?

Financial Strain Across Generations: Tax Refunds Offer Relief Amidst Rising Debt

Tax Refunds: A Lifeline for Younger Generations and a Relief for Gen X

Many Americans are eager to get their tax refunds with over half already filing their taxes early to speed up the process. A survey found that younger folks like Gen Z and millennials, are especially keen on getting their refunds. For them, this money is crucial for paying rent and buying groceries. About a third of taxpayers regardless of age plan to use their refunds for essential needs.

The burden of student loan debt weighs heavily on Gen Z and millennials with over half relying on their tax refunds to help pay off these loans. But it is not just the younger generations feeling the financial squeeze. Gen X is also struggling with debts nearly equal to four years of their income. Despite this owning a home and caring for dependents can bring tax benefits for Gen X giving them some relief.

READ ALSO: 13th Check’ In Budget Approval – Kentucky Retirees Miss Out On Anticipated!

Baby Boomers’ Wealth Faces Uncertain Future Amid Rising Healthcare Costs

Meanwhile, baby boomers hold the lion’s share of wealth in the U.S., with nearly $80 trillion. However, much of this wealth might not be passed down to heirs due to high healthcare costs for older Americans. So while boomers are rich in assets, their wealth might not trickle down as much as expected.

READ ALSO: Biggest Solar Tax Credits Offers To US States For 2024- Powering Up!

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


There is finally an update on 4th stimulus check for Social Security Recipients! Individuals who receive Social Security benefits can expect to receive a...


The attack using 14 military choppers that Russian President Vladimir Putin planned was destroyed by Ukraine using US-supplied long-range tactical missiles. Russian President Vladimir...


The Biden administration has announced recently that it plans to increase the monthly payments of seniors and veterans to $2,000. $2,000 in Monthly Payments...


In Texas, this September the SNAP payments will end, worth up to $1,691, on Friday. The household income determines eligibility. A single-person household must earn more than...