Another Tax Day is (mercifully) in the books. Even the most courageous among us are terrified by the dreaded T-word. How deep does this antipathy go, then? One in four persons, it turns out, prefer to wrestle with their taxes in the evening rather than deal with their income!
A survey of 2,000 Americans split evenly by generation (500 Gen Z, 500 millennials, 500 Gen X, and 500 baby boomers) reveals that respondents would also rather dissect a frog (14%), take the SATs (11%), or take a calculus exam (9%) than file their taxes each year. Additionally, according to the poll, Americans were surveyed on how much practical information they had learned in school (52%), and the majority of them feel like they only use half of the information they learned in adulthood.
This may also be the reason why 55% of Americans say they rely on Google more than their conventional education, with the average American doing five fundamental searches every time. The survey, conducted by OnePoll on behalf of the banking app Chime, also revealed that a third (32%) of Americans studied personal finance for their entire school years and never learned anything new.
Results reveal that respondents were more knowledgeable about important financial information, such as the distinction between a W-2 and a W-4 (46%), than they were about information that is rarely used in everyday life, such as the definitions of equilateral (72%), scalene (69%), and isosceles triangles (57%).
While more than half (52%) of Gen Zers were able to identify the mitochondria as the powerhouse of the cell, only a quarter (26%) of the same group correctly defined “taxable income” as money, property, or services you earn through work, investments, and other means.
Results also revealed that 16 percent of both baby boomers and Gen X don’t feel like they are smarter than the average middle schooler, compared to 63 percent of all respondents.
Everyone has advantages when it comes to money, but it is obvious that our nation hasn’t been properly taught about it in schools. Results found that 48 percent of Gen Z and millennial respondents believe that their ‘financial education age’ is 20 years old or younger,” says director Sara El-Amine, vice president of Community for Chime, in a statement. Financial education is a longstanding learning process that involves practice and occasionally problem. In America, it seems like there is a real chance to learn fundamental teachings sooner and make everyone feel inspired and confident in achieving their financial goals.”
People would like to learn how to write a cover letter or resume (23%), how to change the oil in a car (22%), or even how to cook (21%). Americans also think that those same topics, along with workplace etiquette (44%), how to clean (25%) or do laundry (23%), and relationship advice (22%) should be taught in high school.
When it comes to managing their finances, Americans struggle the most with sticking to a budget (34%), paying off debts (30%), and investing (28%). The top ways Americans say they would feel more confident in managing their finances are understanding how their current finances would affect their future (30%), working with a financial advisor (29%), and taking a class on finances (28%).
Money is a part of our daily lives, in both big and small ways, much more than mathematics or shape. So why isn’t it a regular part of learning? The results of the survey actually emphasize the importance of building a good understanding of finance principles in age, and, with Financial Literacy Month in April, there’s no better time to get started,” says El-Amine. When you understand your finances better, you will also feel better prepared to face the grownup world.”
Survey strategy:
This strange double-opt-in poll of 2,000 U.S. adults split evenly by generation (500 Gen Z, 500 millennials, 500 Gen X and 500 baby boomers) was commissioned by Chime between Feb. 29 and March 4, 2024. OnePoll, a market research firm, has corporate membership in the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).