During an episode of the Dave Ramsey Show, Rachel Cruze reads a statistic about Gen Z tax filers to Dave Ramsey, and his response is priceless. This is what happened.
Cruze, who happens to be Ramsey’s daughter and a personal finance expert, came across an interesting statistic about Generation Z and how stressed they felt during tax filing season. The statistics were found in a survey shared by CNBC News.
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Knowing how her father would react before sharing this statistic, Cruze reminds Ramsey that he’s a classic boomer and laughs before telling him, “We’re going to play a game.” Dave, try not to make a face.” Cruze makes sure Ramsey is ready before telling him that a survey found that 1 in 4 Gen Z tax filers “need a therapist to deal with the stress of tax filing season.” Cruze adds that 54% have said tax filing has brought them to tears or expects it will bring them to tears.
Ramsey, who is known for his blunt and hard-hitting advice, had just one word for that statistic: “votes,” adding, “Try voting for someone who doesn’t like taxes.” Stressed taxpayers could be in for even more shock if Joe Biden’s tax hike proposals get the green light. Biden’s proposed tax for fiscal year 2024 includes an increase in corporate, individual and capital gains income tax rates, which is expected to impact the retirement savings of 12.5 million middle-class Americans.
While his response may seem unsympathetic, Ramsey agrees that reporting is still stressful, even though he’s “never cried, but has been doing it for a while.” He hadn’t seen a therapist for it yet, but had been doing it for a while. Both Cruze and Ramsey admit that taxes are “bad” and not fun, but the younger generation has set the bar very low. Ramsey reveals taxes don’t make him cry. They just make him angry all the time, something many can relate to. Another survey from the Nextdoor Customer Insights and Analytics team found that 64% of participants had increased feelings of stress during tax season.
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Cruze then asks her father for his opinion on the matter. She wonders, “Is it that we haven’t prepared every generation for what it looks like from a workforce perspective, what the application of being an adult is?” She asked if this is because these realities weren’t talked about and taught that people are so stressed that they need a therapist.
Ramsey thinks there are some possibilities, but he disagrees with this study and says, “I’m calling BS on the study.” According to Ramsey, he has never seen his Gen Z team cry or see a therapist because of taxes. Ramsey also believes that Millennials and Generation Z have more badass inside them than the research suggests, and he has enjoyed working with them on his team.”
“That study says the entire generation is a bunch of losers. That’s simply not true. That has not been my experience with Generation Z,” Ramsey said. For Ramsey, he has discovered that there are many young people who are actually very mature and serious.
In fact, Ramsey believes his own generation of baby boomers needs to brush up on their financial hygiene and learn from the younger generation. This is what his entire show is about: teaching people financial responsibility and transparency, and that’s what Gen Z does. While therapy may seem extreme to Ramsey, therapy is known to help people cope with stressors, and for many, stress is a major challenge. According to Nextdoor Business, some additional ways to reduce the impact of stress caused by tax filing include educating yourself on tax basics, seeking help through an account, and filing your taxes early.
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This article, ‘Dave Ramsey ‘Calls BS’ on Cash App Survey Reporting 1 in 4 Gen Z Tax Filers ‘Need a Therapist to Deal with the Stress of Tax Filing’ originally appeared on Benzinga.com
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