Millennials Become Traditionalists in Tax Season

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For all the talk about Millennials being mavericks, a recent study shows them as surprisingly traditional in paying taxes. Research suggests Millennials (those under 35) are the model ‘voluntary taxpayer’.

-Millennials attitudes toward taxes track with their parents. 76% believe it’s ‘very important for every citizen to pay taxes.’

-Millennials don’t just pay on time, they pay earlier than other age groups.

-When they get their refunds, they tend to sock the money away into savings.

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The research, published by Charlotte based research and brand strategy firm, Voccii, reveals Millennials have a hope of turning out like their parents – only better.

“One might assume Millennials chafe at this ultimate government reach, but that was not the case. They are quite traditional in attitude and action when it comes to taxes,” said Voccii Principal Gayle Ireland.

Voccii’s study revealed the vast majority of Millennials get their taxes done quite early. Less than 2% wait until April 15 to finish. The majority – 60% – finish their tax work at least a month early, on or before March 15. The remainder finish during or before the first week in April.

Nearly half of all taxpayers surveyed said they prefer to file their taxes as early as possible, even if they owed money. Millennials are 1.5 times more likely to say this compared to their older counterparts (54% of Millennials, compared to 36% of those 35 or older).

Familiar software programs, like TurboTax or Quicken, are the norm for all ages surveyed (used by about 77% of both age groups who prepare their own taxes). But Millennials won’t pay for software if they don’t have to – they are twice as likely to look for free software online, than older taxpayers.

When it comes to refunds, two-thirds of Millennials expect to get funds back from the government. With that money, they say they will either save or pay bills the same as older taxpayers. It’s not surprising, however, that they are twice as likely as others to use some of the money to treat themselves and their family.

Release ID: 183346