'Dave Ramsey 'Calls BS' On Cash App Survey Reporting That 1-in-4 Gen Z Tax Filers 'Need A Therapist To Deal With The Stress Of Tax Filing'
During an episode of the Dave Ramsey show, Rachel Cruze reads a statistic about Gen Z tax filers to Dave Ramsey, and his reaction is priceless. Here's what happened.
Cruze, who happens to be Ramsey's daughter and a personal finance expert, stumbled across an interesting statistic about Gen 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 with him, Cruze reminds Ramsey that he is a classic boomer and laughs before telling him, "We're going to play a game. Dave, try not to make a face." Cruze ensures 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 that tax filing has brought them to tears or expect it will bring them to tears.
Ramsey, who is known for his blunt and hard-hitting advice, only had one word for that statistic: "vote," and added, "Try voting for somebody that doesn't like taxes." Stressed taxpayers may be in for more of a shock if Joe Biden's tax hike proposals are greenlit. Biden's proposed tax for the 2024 fiscal year sees an increase in tax rates for corporate, individual and capital gains income tax that is expected to impact 12.5 million middle-class Americans' retirement savings.
While his response may come across as unsympathetic, Ramsey does agree that filing is still stressful, although he's "never cried, but been doing it a while. Hadn't seen a therapist for it, but been doing it for a while." Both Cruze and Ramsey admit that taxes do "suck" and they're not fun, but the younger generation has set the bar really low. Ramsey reveals that taxes don't make him cry. They just make him perpetually angry, which is something that many can relate to. Another survey from the Nextdoor Customer Insights and Analytics team found that 64% of participants had heightened feelings of stress during tax season.
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Cruze then asks her father for his perspective on the issue. She asks, "Is it that we haven't prepped every generation for what it looks like from a workforce standpoint the application of being an adult?" She asked if this is because these realities were not talked about or taught that people are so stressed they need a therapist.
Ramsey feels there are a couple of possibilities, but he doesn't agree with this survey and says, "I'm calling BS on the survey." According to Ramsey, he's never seen his crew of Gen Z crying or seeing a therapist over taxes. Ramsey also feels that Millennials and Gen Z have more tough people in them than that survey makes out and has enjoyed working with them on his crew."
"That survey says the entire generation's a bunch of wusses. That's just not true. That's not my experience with Gen Z," said Ramsey. For Ramsey, he has found that there are many young people who are actually very mature and serious.
In fact, Ramsey feels that his own generation of baby boomers needs to brush up on their financial hygiene and learn from the younger generation. This is what his whole show is about: teaching people financial responsibility and transparency, which is what Gen Z is doing. While therapy may seem extreme to Ramsey, therapy is known to assist with helping people deal with stressors and for many, tax is a big one. According to Nextdoor Business, some additional ways to lessen the impact of stress caused by tax filing are educating yourself on tax basics, seeking help from an account, and filing your taxes early.
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