When are your federal and state taxes due this year? Most people don’t know.
Quick pop quiz: when is Tax Day this year?
If you guessed April 18, you’re correct. Good work.
If you didn’t guess correctly, don’t worry because you’re actually with the majority.
According to a survey by Empower, only 44% of people knew the exact date for 2023 Tax Day.
Believe it or not, out of the 1,000 people polled, the Gen Z generation was the best at correctly identifying Tax Day.
The generation that didn’t guess correctly? Baby Boomers.
Here are some other findings from the survey:
On average, those who have filed early are seeing smaller returns – the average refund so far this year is $1,016 dollars, $238 less than previous refunds.
Of those who filed already, 45% have received their tax return already
More than 85% of people think filing taxes should be introduced in high school curriculum.
So, what are people planning to do with their tax refunds this year?
36% plan to save it
31% are putting it towards credit card debt
21% are paying for groceries
Millennials were the most likely to say they will put their refund towards their retirement savings
Most of the Gen Z generation said they want to use their refund to invest in stocks, bonds or cryptocurrencies
