Most Americans believe they’ve made smart financial decisions, but doing the “right thing” doesn’t always feel like enough. Many believe that even if financial success exists on paper, it doesn’t guarantee that it will translate to comfort in real life. 

Key takeaways: Why Americans feel like they will never have enough money 

• 78% of Americans say they don’t feel financially secure. Even though 70% believe they’ve made smart financial decisions, 68% say that having a positive financial standing on paper is not enough to ensure a comfortable lifestyle.
• 59% of Gen Z (ages 18-29) and 58% of Gen X (ages 46-61) feel financially insecure compared to their peers – but likely for different reasons: 40% of Gen X are living paycheck to paycheck and 36% say their income as not kept up with inflation, while 26% of Gen Z say they are unable to keep up with bills/payments, and report job instability.
• 43% of Americans believe they’ll never have enough money to achieve the American Dream, rising to more than half (56%) of Gen Z.
• 37% of Americans have given up on long-term savings to prioritize spending on short-term purchases and experiences, increasing to nearly half (49%) of Gen Z.

According to a new study conducted online by The Harris Poll on behalf of Intuit Credit Karma, among 2,081 U.S. adults ages 18 and older, 70% of Americans feel they have made smart financial decisions for themselves up until this point, yet 68% say that having a positive financial standing on paper is not enough to ensure a comfortable lifestyle. 

Why most Americans don’t feel financially secure today 

More than 3 in 4 Americans (78%) report that they do not feel financially secure. The top culprit is the rising cost of living (47%), followed by the current state of the economy (42%). 

Put simply, everyday life has gotten more expensive, and incomes are not keeping up. These costs show up in three main ways: costs rising faster than income, little to no savings cushion, and unstable or unpredictable income. For example, when it comes to factors that make Americans feel they are not financially secure:

• 31% say it’s because their income has not kept up with inflation, including 36% of Gen X
• 31% say it’s because they are living paycheck to paycheck, including 40% of Gen X and 38% of Gen Z
• 28% say it’s because they are unable to put money into savings, including 37% of Gen X
• 19% say it’s because they are unable to keep up with bills/payments, including 26% of Gen Z
• 16% say it’s because of job instability, including 26% of Gen Z

Comparison is the thief of joy for many, as more than half of Americans (51%) say they don’t feel as financially secure as other people their age, including 59% of Gen Z and 58% of Gen X. Additionally, more than one-third of Gen Z (34%) point to comparing themselves to others on social media as to why they don’t feel financially secure.

Why the American Dream feels out of reach for many Americans 

For many decades, financial success followed a familiar script: get a job with a steady income, buy a home and eventually retirement will follow. 

Today, that script feels increasingly unrealistic for 43% of Americans who feel they will never have enough money to achieve the American Dream (i.e. achieving financial success, such as owning a home or supporting a family through hard work), climbing to 56% of Gen Z and 57% of renters. 

Nearly 3 in 4 Americans (72%) share that certain aspects of their financial standing make them feel like they will never have enough money to achieve the American Dream. The biggest factors come down to three things: income not keeping up with rising costs of living, not being able to save after paying for essentials, and long-term financial pressure like retirement or debt. For example: 

• 31% say their income has not caught up with the rising cost of living, rising to 41% among those with a household under $50,000 annually, and including 36% of Gen Z and 34% of Gen X.
• 24% say not saving enough for retirement, rising to 32% of Gen X
• 23% say struggling to save money after covering monthly expenses
• 21% say struggling to afford necessities (e.g. rent/mortgage, food, utilities), including 29% of Gen Z 
• 19% point to the amount of debt they have, including 23% of Gen Z 
• 17% say their income is unpredictable 

The reliance on financial support adds another layer to the picture, with more than a third of Americans (36%) admitting they receive financial support from someone else (excluding a significant other), most commonly from parents (22%). Among Gen Z, 69% receive financial support, and 53% receive it from their parents. 

Why financial goals are falling out of reach 

Among Americans who have financial goals, more than three quarters (76%) feel there are certain financial goals they will never be able to afford despite how much they’ve saved or how hard they’ve worked. 

The goals most commonly described as out of reach: 

• Taking a dream vacation – 30%
• Retiring by 65 – 28%, rising to 43% of Gen X
• Buying a home – 26%, rising to 40% of Gen Z
• Paying off debt – 25%, rising to 34% of Gen X

Of those who feel they will never be able to afford certain financial goals, 44% have accepted they will need to compromise on what they want (e.g. buying a smaller home or cheaper car, having a smaller wedding), while 33% have concluded that achieving their goals simply will not be possible. Less than a quarter (23%) say they are not willing to compromise on their goals and will do whatever it takes to achieve them. 

Among Americans who have financial goals, 78% say they’re willing to take extreme measures to achieve them. Half (50%) are prepared to reduce non-essential spending (e.g. eating out, entertainment), 26% would delay retirement – including 34% of Gen X – and 25% would take on a second job or work multiple jobs.

Why Americans are prioritizing bills over saving for the future 

Nearly half of Americans (46%) say paying bills and covering necessities, (e.g. rent/mortgage, food, utilities) is among their top priorities for money allocation, including 55% of those with a household income under $50,000 and 52% of Gen X. 

Building savings comes in second at 43%, but that priority drops to just 33% among those with a household income of less than $50,000, where there’s likely little room left over after necessities are covered. 

Most starkly is that 37% of Americans have given up on long-term savings altogether in order to prioritize short-term purchase and experiences, rising to 49% among Gen Z.

“It’s clear that Americans are doing many of the right things when it comes to their finances, yet still feeling like it’s not enough,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “The reality is that when the cost of living outpaces income growth, even the smartest financial decisions can feel pointless. If you’re feeling financially insecure, the most important thing you can do is start with what you can control. Build a budget that reflects your actual life, not an idealized version of it, and tackle high-interest debt head on. It’s also worth reframing what financial success looks like for you personally. The American Dream doesn’t have to look the same for everyone, and adjusting your goals to fit your reality isn’t giving up. It’s a smart and necessary step toward building a life that actually feels sustainable.”

What to do if you feel financially insecure or behind financially 

If you’re wondering what to do when you feel financially insecure or like you’ll never have enough money, these steps can help you regain a sense of control over day-to-day money decisions. 

• Build a budget around your reality, not your goals: Before allocating money toward savings or paying down debt, track what you’re actually spending for 30 days. It’s easy to underestimate regular expenses, which can make planning feel useless. Tools like Credit Karma let you track your expenses and understand your spending habits better – e.g. how your month-to-month spending compares, including your top spend categories. 
• Prioritize high-interest debt first: If debt is contributing to your sense of financial insecurity, focus any extra dollars on paying down your highest-interest balances first. Credit Karma’s Debt Agent tool provides members with personalized debt consolidation plans that takes into consideration their actual tradelines, how much they can realistically pay each month, and their stated goals.
• Reframe the American Dream: If homeownership or retiring at a desired time no longer feel attainable, set new and meaningful goals rather than chasing a one-size-fits-all definition of success. Adjusting your goals is not the same as giving up on them.  

Methodology 

This survey was conducted online within the United States by The Harris Poll on behalf of Credit Karma from March 24-26, 2026 among 2,081 U.S. adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact pr@creditkarma.com. 

By Lisa Greene-Lewis, CPA and Tax Expert, TurboTax

Key Takeaways

• Year after year more than one in five filers wait until the last two weeks to file
• Top cities waiting to file stretch coast to coast, with west coast cities, San Francisco, Oakland and San Jose being in the top three spots in tax year 2024 and the same cities showing up year over year
• TurboTax data reveals not knowing where to start and knowledge gaps may lead to delayed filing
• With refunds increased by up to $1,000 this year, TurboTax and Credit Karma can help you easily file now

The tax deadline is quickly approaching, and for millions of Americans, it couldn’t come at a better time. With grocery bills climbing, rent and gas eating up bigger chunks of paychecks, and financial cushions running thin, the average tax refund — over $3,000 — isn’t just a bonus. For many families, it’s a lifeline.

A new study conducted by Qualtrics on behalf of TurboTax found that 69% of Americans expect a refund this year, and of those, 70% plan to put it directly toward basic living expenses — rent, bills, groceries. That’s not a vacation fund. That’s survival money.

And this year, filers could see their refund increase by up to $1,000, or a lower balance due.

So with all that money on the table, why are people still waiting to file?

America’s Waiting Game

More than 1 in 5 Americans wait until the final two weeks of tax season to file — year after year. And it’s not random. The same cities keep showing up on the top of the list. According to TurboTax anonymized and aggregated data for tax year 2024, west coast cities topped the list with San Francisco, Oakland and San Jose being the top with 44% left to file as of 3/31, next on the list was Austin with 41% left to file, and Los Angeles and Monterey-Salinas coming in 3rd with 40% left to file.  Some east coast cities were not too far behind with New Yorkers and Floridians in Miami and Ft Lauderdale with 39% left. 

But before you chalk it up to laziness, the data tells a different story.

It’s Not Laziness — It’s a Knowledge Gap and Not Knowing Where to Begin

TurboTax recent surveys of 2,000 adults paints a picture of a country that’s largely in the dark about how taxes work.

• Two out of five Americans say they knew little or nothing about the new tax laws.
• 19% would rather clean a clogged toilet at a frat house than figure out how their taxes are changing under the new bill.
• 22% say they feel slightly or not at all confident about taxes.
• More than half (55%) depend on a parent, accountant, or friend to help them file — because they don’t feel they have the foundational knowledge to do it on their own. Among Gen Z, that number jumps to 72%.
• Only about half of Americans (49%) can confidently explain the difference between a tax deduction and a tax credit — a core concept.
• And 17% say they aren’t knowledgeable about any major deductions or credits — not the Child Tax Credit, not the Earned Income Tax Credit, none of them.

Recent research by TurboTax also revealed one of the biggest barriers to doing taxes for some people is they don’t know where to start and what documents to gather. When you use TurboTax and Credit Karma, a concierge will help you easily gather your documents and get started whether you do your taxes virtually or in person.

Gen Z: The Most At-Risk Generation

According to an earlier TurboTax study, the data on younger filers is especially striking. Over 54% of Americans aged 18–24 didn’’t know when the tax deadline was. One in three 25–34-year-olds didn’t know either. 

And that matters, because Gen Z is increasingly in the workforce, increasingly financially independent, and increasingly leaving money on the table.

The Cost of Waiting

Here’s what waiting on your taxes actually costs: time, stress, and potentially money. For someone who could use their refund to pay rent or cover bills, every week of waiting is a week of financial stress that didn’t have to happen.

The IRS is reporting refunds are up. That’s real money, for real needs. 

The Bottom Line

Whether you live in San Francisco or Savannah, whether you’re a Gen Z first-time filer or a seasoned taxpayer who just never quite got around to it — the numbers are clear: Americans need their refunds, but some are waiting until close to the deadline to file when they can get them done today and get closer to their refunds.

Here are the top tips you should know to help you easily file, maximize your refund, and file before the deadline without worry.

• Get started and gather all of your documents in one place.  Gather documents that report your income like W-2 and 1099s, and documents, forms and receipts related to deductions and credits you can claim.
• Decide how you want to file.  Whether you want to DIY, have someone help you along the way, or fully do your taxes for you virtually or in person, TurboTax and Credit Karma are here for you.  When you DIY through TurboTax or Credit Karma you are easily guided through your taxes and TurboTax AI agents can help you from the beginning. Whether it’s helping you figure out what documents to gather (one of the biggest reasons people procrastinate) to automating data entry for over 92% of tax forms eliminating manual entry.  You can also jumpstart your return by snapping a photo of your W-2s and 1099s and the information will automatically transfer to the right forms.  If you want someone to do your taxes for you, you can connect to one of our 15,000 tax experts with an average 13 years experience virtually or in person in one of our 20 local retail locations or 600 service centers.
• Don’t rely on general public LLMs for tax filing. When it comes to something as important as your taxes, only use a purpose built solution for tax filing.  Never share your sensitive, personal information with general public LLMs. TurboTax is built specifically for tax preparation and is designed for accuracy, compliance, reliability, and security.  TurboTax is also certified by the IRS to prepare and e-file tax returns.
• Go online and e-file with direct deposit.  If you are doing your taxes yourself go online and e-file with direct deposit. That’s the fastest way to get your refund.  The IRS expects to issue refunds within 21 days or less after acceptance of your return. With TurboTax you can file up until 11:59 pm on April 15 and make the filing deadline.
• Take advantage of the new deductions and credits. There are new deductions and credits you may be eligible for like the deduction for tips up to $25,000, deduction for overtime up to $12,500 ($25,000 married filing jointly), the Child Tax Credit up to $2,200 for each child under 17, the enhanced deduction for seniors 65 and over, the new deduction for auto loan interest up to $10,000, and the increased SALT cap of $40,000 if you’re a homeowner.  If you are waiting and you live in one of the regions with high state and property taxes you may benefit from the increase in the state and local and property taxes you can deduct.
• Don’t forget the most missed credits. Credits like the Earned Income Tax Credit up to $8,046  for a family with three kids and the Retirement Savers Credit up to $1,000 single and up to $2,000 married filing jointly can really boost your refund and help your tax outcome, but IRS reports one out of five people miss these credits every year. With TurboTax and Credit Karma you are proactively reminded about these tax benefits if you are eligible so that you get every dollar you deserve.
• File even if you make under the IRS income threshold. The IRS income threshold is $15,750 single, $23,625 head of household, and  $31,500 married filing jointly.  Every year the IRS reports over a billion dollars in unclaimed refunds due to people not filing to claim their refunds.  Much of the unclaimed refunds belong to students and other people that make under the IRS filing thresholds.  If you had federal taxes withheld or you are eligible for a refundable credit like the Earned Income Tax Credit you should file so you don’t leave any money on the table.
• Make a tax year 2025 IRA contribution. You can contribute up to $7,000 ($8,000 50+) by April 15 and you may be able to deduct the contribution on your 2025 taxes and lower your taxable income. Just make sure you tell your plan administrator the contribution is for tax year 2025

If you are missing information important for your return and need to file an extension, you can file an extension with TurboTax , but remember an extension is an extension to file and not to pay if you owe. Delaying filing because you think you may owe? Don’t let the thought of possibly owing hold you back; by the time you get all the deductions and credits available, you may be getting a tax refund!  The majority of filers do. If you do owe money, pay as much as you can, and then you can contact the IRS for an Installment Agreement, which allows you to pay what you owe over six years.

You don’t have to figure it out alone. Whether you live in one of the procrastinating cities or not, regardless of the reason for delaying filing, you can file your taxes with TurboTax and Credit Karma now whether you want to file yourself or have a tax expert prepare and file your taxes for you.

Methodology

TurboTax tax year 2024 DMA data is anonymized and aggregated in compliance with US tax regulation requirements. Survey data is sourced from a TurboTax online survey within the United States by Qualtrics on behalf of Intuit TurboTax on February 5, 2026 to February 9, 2026, among 1,010 adults ages 18 and older,  by Wakefield Research among 1,000 Nationally Representative U.S. Adults Ages 18+, and an oversample to a total of 1,000 US Hispanic Adults Ages 18+, between September 19th and September 28th, 2025, using an email invitation and an online survey, and a Harris Quest DIY survey of 2,000 adults ages 18 – 65.

New data from Intuit Credit Karma and TurboTax highlights how many Americans feel they are making informed financial decisions.

“I’ve Got This”… Or Do We?

Nearly three-quarters of Americans (74%) say they consider themselves financially literate, especially when it comes to budgeting with 64% feeling very or extremely confident managing a budget. But confidence drops sharply with more complex financial topics. 35% of Americans feel only slightly or not at all confident about their investing knowledge, 22% feel slightly or not at all confident about taxes, and 26% feel slightly or not at all confident about loans. 

Even though many Americans feel financially literate to an extent, one third of respondents (67%) admit they’d be further ahead in life if they were more financially literate. This shows that while many feel confident in their financial knowledge, they still recognize there are gaps that may be holding them back. 

The Tax Knowledge Gap Is Real

Taxes are a particular sticking point for Americans. More than half of Americans (55%) say they depend on a parent, accountant or friend to help them file their taxes because they lack the foundational knowledge to do it confidently on their own. Among Gen Z, that number jumps to 72%.

When it comes to understanding the fundamentals, only about half (49%) say they can confidently explain the difference between a tax deduction and a tax credit. Meanwhile, 17% say they aren’t knowledgeable about any of the major deductions and credits, from the Child Tax Credit to the Earned Income Tax Credit.

Given these gaps, it’s no surprise that three quarters (76%) say a required school course on personal tax filing would have been very-to-extremely valuable to their lives today.

When it comes time to file, most Americans turn to online tax preparation software like TurboTax (54%), while 21% use a certified accountant and 19% go with an in-person service. Just 7% still file by hand.

Schools Fall Short on Money

Today’s financial literacy gap starts in school. Nearly 4 in 10 Americans (39%) don’t believe school prepared them to manage their finances as an adult.

Here are the financial topics they wish they’d learned in class:

• 64% investing 
• 56% creating a budget 
• 50% filing taxes
• 51% credit card basics 
• 51% debt management

Parents Shape Money Habits

If school fell short, who filled the gap? For most people, it was family: 61% of Americans say their parents or grandparents had the greatest influence on their financial habits growing up, and 83% say their parents’ attitudes toward money still shape how they think about it today.

But influence doesn’t stop at home. Roughly one in five  (21%) say social media and influencers influenced their financial habits growing up, climbing to 29% among millennials.

The Convenience Trap

One area where the survey reveals a generational divide: the prioritization of convenience over cost. More than half of Americans (53%) agree that when it comes to subscriptions and services (like Netflix or DoorDash), convenience wins over price-consciousness.

But that tendency skews heavily by age. A striking 76% of Millennials agree, compared to just 25% of Boomers. Gen Z clocks in at 58%, suggesting that the “subscribe to everything” mentality may be softening slightly among the youngest adults.

On the flip side, 80% of Americans say they do know exactly how many subscription services they’re currently paying for, which is a start.

How Emotions Shape Financial Decisions…and Increase Risk

When it comes to the emotions that influence  Americans’ financial decisions, confidence tops the list (39%), followed by optimism (20%), with fear not  far behind at 14%. 

That emotional decision-making can come at a cost. Nearly half of Americans (52%) say they’ve experienced a financial setback due to a decision based on incorrect information.

That vulnerability may also help explain rising concern about financial scams: 40% of Americans say they’re very or extremely worried about falling victim to one, while  another 48% are at least moderately concerned. In an era of increasingly sophisticated fraud, that wariness may be well-founded.

The Bottom Line

Americans are more financially engaged than they sometimes get credit for, but engagement and education aren’t the same thing. The data suggests a population that is largely winging it, learning from family by default, and quietly wishing someone had given them a proper foundation earlier.

The good news? It’s never too late. Whether it’s finally understanding your W-4, getting clear on what deductions you qualify for, or building a budget that actually sticks, one of the most important financial moves is simply deciding to learn and take action.

In a time of rising costs and economic uncertainty, tax refunds have become a lifeline for many Americans. While many aim to save their refund or pay down debt, a majority rely on refunds for essential expenses, and they want that money in their pocket as soon as possible. 

According to a new study conducted by Qualtrics on behalf of Intuit TurboTax of 1,000+ U.S. adults ages 18 and older, a majority of Americans (69%) say they expect to receive a tax refund this year, most of those respondents (70%) say they use their refund to cover basic living expenses, like paying rent and paying bills.

As such, there is a rising demand for smarter tools and clearer guidance that help people make strategic decisions around what to do with their refund. 

Rising Costs Drive Refund Dependence

“Refund season” has effectively become “relief season” as Americans count on their refund to make ends meet.  

More than half of respondents (51%) say they rely on their refund because of the rising cost of living, including housing and groceries. Another 35% report living paycheck to paycheck, while 21% say they need their refund to pay down high-interest debt.

When asked, “Which of the following reasons, if any, explain why you rely on your refund to make ends meet? Select all that apply.” Here is how Americans answered:

And the urgency is clear: 91% of those expecting a refund say getting it as quickly as possible is important.

At the same time, financial fragility remains widespread. Nearly one in four Americans (24%) worry they won’t be able to afford their tax bill this year, and 20% believe they may need to take on debt to pay what they owe. And, only half (49%) think their refund will stretch as far as it has in previous years, when in reality, the majority of filers will get a tax refund and filers are expected to see up to $1,000 increase in their refund this year.

Refunds Offer a Financial Reset for Some

While many Americans plan to use their refund for necessary expenses, others see it as a rare opportunity to strengthen their financial footing.

Among those expecting a refund:

• 44% plan to put at least a portion into savings
• 41% will spend it on necessities
• And, 35% intend to pay down debt

For those planning to save, their motivations reflect economic uncertainty: over one third (39%) say they want to prepare for unexpected expenses like car repairs or medical bills, and over one quarter (28%) say they are worried about the state of the economy.

This year, the data suggests tax refunds are serving a dual purpose: plugging short-term budget gaps while offering some a chance to build their financial foundation. 

The Gig Economy’s Tax Surprise

For Americans earning income through side hustles, tax season can bring some sticker shock. Among respondents who do gig work, 36% say they were surprised in past years by how much they owed in taxes due to side income, and half (50%) say that unexpected bill made them reconsider having a side hustle at all.  For those side giggers who didn’t have the tax outcome they expected, it’s important that you claim every eligible deduction directly related to your business: expenses like supplies, mileage, travel, the home office deduction, and any other deductions specific to your business.  TurboTax Business can proactively identify deductions specific to your business, and if you want an expert to do your taxes for you, you will be matched to a TurboTax Business expert in your specific industry so you don’t miss any deductions.

Growing Demand for Guidance

Sometimes, the smartest financial move for your tax refund isn’t the obvious one. More than half (52%) of those who expect a refund this year say they wish they had help determining the smartest financial move for their refund. Notably, 30% say they plan to use AI tools to help think through how to spend or save that money.

Filing itself is largely digital, with over half (52%) planning to file using online tax software like TurboTax,  though 22% still plan to file with a certified accountant or financial advisor, and 18% plan to file with an in-person tax service.

If you’re someone who prefers to do your taxes yourself, or have an expert file for you – virtually or in person – TurboTax and Credit Karma can help you get your maximum refund you’re eligible for. 

Security Remains Top of Mind

Beyond financial concerns, data protection weighs heavily on taxpayers. Most Americans (71%) say they think about whether their personal information is adequately protected before filing. And, over one third (67%) say real-time alerts about potential refund or identity issues would make them feel more secure.  

A Changing Meaning of Tax Season

The data paints a clear picture: in today’s economic environment, tax refunds have become a cornerstone of Americans’ financial picture. 

For many Americans, refund season is less about splurging and more about stability: a chance to catch up, stay afloat, or get ahead, even temporarily. 

To help turn refunds into big financial wins, Intuit Credit Karma’s Refund Assistant offers personalized recommendations on how members can best allocate funds from their tax refunds. Refund Assistant acts as a money optimizer, giving tailored recommendations on how to help that money go further by crushing debt, building an emergency fund, building credit, or investing for the future. 

“For millions of Americans, their tax refund is not only the largest check they get all year, but it’s also a financial lifeline,” said Lisa Greene Lewis, CPA and tax expert for Intuit TurboTax. “TurboTax’s data shows that the majority of Americans who expect a refund are using it to cover necessary expenses like rent, groceries, and bills, underscoring just how stretched household budgets remain. At the same time, many taxpayers are looking for smarter ways to use that money, whether that’s building emergency savings, paying down debt, or navigating economic uncertainty. With filers expecting to see a $1,000 increase in refund this year, now is a good time to file your taxes if you haven’t yet.”

Methodology 

This survey was conducted online within the United States by Qualtrics on behalf of Intuit TurboTax on February 5, 2026 to February 9, 2026, among 1,010 adults ages 18 and older.

By Lisa Greene-Lewis, CPA and Tax Expert, TurboTax

The new year is here, and so is tax season—leaving many Americans in a fog of financial uncertainty, all wondering one thing: “How will this new tax legislation affect me?”

According to a new study conducted by Wakefield Research on behalf of Intuit TurboTax of 1,000+ U.S. adults ages 18 and older, 62% of Americans believe the upcoming tax season will be more chaotic because of new tax legislation in the “One Big Beautiful Bill” and 67% of taxpayers say they weren’t  planning for tax year 2025 until 2026.

The new legislation has done little to settle the nation’s financial nerves. Only 30% of Americans believe the bill will improve their lives, barely edging out the 33% who are bracing for things to get worse. This confusion is so profound that nearly one-fifth of taxpayers (19%) would rather clean a clogged frat-house toilet than try to understand how the new tax rules affect them. 

Two out of five Americans admit they have little to no understanding of what is actually in the “One Big Beautiful Bill” as they prepare their current tax returns. This lack of clarity regarding the “One Big Beautiful Bill” carries real consequences, especially at a time when 64% of Americans are living paycheck-to-paycheck and 57% of active Credit Karma members are carrying revolving debt.

Despite the confusion—where one-third of Americans mistakenly believed the bill eliminates taxes on Social Security benefits—the legislation does contain meaningful adjustments that could benefit millions on their 2025 returns, including:

• Expanded Child Tax Credit for parents with children under 17
• An increase in the SALT (state and local taxes) cap deduction to $40,000 for individuals earning up to $500,000
• New deductions for qualified tip income (up to $25,000) and overtime pay (up to $12,500 for individuals, $25,000 for married couples)
• Making the 20% Qualified Business Income deduction permanent

These changes reflect the realities for many Americans: 28% of Millennials plan to buy a home, 35% of Gen Z started a new job this year, 23% earned overtime, and 12% earned tip income. 

Under the bill, qualifying workers (from beauticians, estheticians, and rideshare drivers to firefighters, police officers, and retail employees) may now deduct up to $25,000 in tips or up to $12,500 in overtime ($25,000 for married couples). For many, these deductions are the difference between owing money in April and receiving a meaningful refund.

The Power of Planning for Tax Season and Beyond

The challenge for taxpayers is understanding how the new bill intersects with their daily life and which moves they can make now to maximize their 2025 refund and plan ahead for tax year 2026.

“If you didn’t plan for tax year 2025 until 2026, you may have missed some key savings opportunities already,” said Lisa Greene-Lewis, CPA and Tax Expert with TurboTax. “But there are still so many tax deductions and credits you can take  to boost your current refund, and filers are expected to see a $1,000 increase in refund or lower balance due. Plus, it’s a great time to start planning for tax year 2026, by making sure you have a social security number for your new baby in order to get the increased Child tax Credit.”

For many, the start of 2026 is a holistic financial checkup. Follow these three steps to set yourself up for a stronger year:

1. Start with a Financial Health Check:

• Pull your credit report and check your credit score. A stronger score means better rates on everything from auto loans to mortgages later this year.
• Tackle high-interest debt. Paying down revolving debt before the end of the first quarter can lower your credit utilization ratio (ideally below 30%, or 10% for optimal scores), potentially boosting your score. 

2. Maximize Your 2025 Tax Refund:

• Finalize Retirement Contributions for 2025. You can contribute to your IRA up to the tax deadline, with a limit of $7,000 ($8,000 married filing jointly) for the 2025 tax year. This may still be deductible.
• Maximize Retirement Contributions for 2026. Now is the time to set up or increase contributions for the current tax year. The limits for 2026 will be announced, but these contributions directly reduce your taxable income while building long-term wealth.
• Adjust Withholdings for 2026. Use a free W-4 calculator to tailor your withholdings based on whether you want bigger paychecks now or a smaller tax bill next spring.

3. Plan for Your Refund Before You Receive It:

• With roughly 63% of Americans receiving a refund last season (averaging more than $3,000), and expected increase in refunds, a strategic plan is essential for this year’s expected return.
• Decide how to split your refund. Consider putting a third toward your highest-interest debt, a third into an emergency fund, and a third toward a financial goal like a down payment or investment account.
• Access funds faster. TurboTax and Credit Karma offer options like Refund Advance (up to $4,000 instantly upon IRS acceptance) and Five Days Early access to your federal refund.

Connect Your Tax Strategy to Your Financial Goals

TurboTax and Credit Karma are working together to blend human expertise with AI to deliver done-for-you tax prep, personalized refund optimization, debt-paydown strategies, and credit-building guidance, all in one integrated platform. This means you can see how your 2025 tax refund fits into your broader financial picture and use it to improve your credit score and free up monthly cash flow.

The economic landscape may be unpredictable, but your financial future doesn’t have to be. The steps you take now, at the start of 2026, will shape your current refund and set the stage for a financially stronger year.

The IRS e-file is open now and you can file with TurboTax and Credit Karma today whether you want to do your taxes yourself or have a tax expert do them for you virtually or in person. You may also be able to file your federal and state taxes for free with TurboTax Free Edition all year or with the TurboTax Mobile App offer through February 28, 2026. 

Methodology

The TurboTax Survey was conducted by Wakefield Research among 1,000 Nationally Representative U.S. Adults Ages 18+, and an oversample to a total of 1,000 US Hispanic Adults Ages 18+, between September 19th and September 28th, 2025, using an email invitation and an online survey. The data has been weighted. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

For many Americans, tax season comes with a mix of emotions, with stress at the top of the list.  

According to a new study conducted by Qualtrics on behalf of Intuit TurboTax of 1,000+ U.S. adults ages 18 and older, nearly half of Americans (46%) say tax season is the most stressful financial moment of the year.

Younger Americans, especially Gen Z, feel it the most: 62% of Gen Z report tax season as their top financial stressor, compared to just 32% of Boomers+.

Tax Anxiety Takes a Toll on Younger Generations’ Mental Health

More than half (55%) of Gen Z say filing taxes is one of the hardest parts of “adulting”, and that pressure takes a real toll. Nearly one-third (30%) of all respondents say filing taxes negatively impacts their mental health, rising to almost half (45%) of Gen Z and more than a third (37%) of millennials.

The biggest source of anxiety? Fear of getting their taxes wrong. Nearly half (49%) of Americans worry about filing incorrectly or making errors, a concern that climbs even higher (52%) among Gen Z.

It’s clear confidence around taxes doesn’t come easily, or quickly. Only 14% of taxpayers felt confident filing their own taxes before age 20, and most (62%) didn’t gain confidence until they were in their 20s, 30s, or even 40s.  Some (13%) still don’t feel confident at all, while others (12%) rely entirely on tax professionals to avoid mistakes and reduce stress.

Refunds are Top-of-Mind

Most Americans (52%) are expecting a refund this year, and while many (73%) of those expecting a refund don’t know how much they’ll receive, 54% plan to file early so they can get their refund faster.

And Americans have high hopes: 35% expect a bigger tax refund this year compared to last year.

For many, how they spend their refund boils down to wants versus needs. While over a third (37%) of Americans depend on their tax refund to make ends meet, 45% of Gen Z say they plan to use their tax refund to splurge on non-essentials (think things like clothes, electronics, and travel). 

However, when the refunds arrive, many Americans plan to use them responsibly: 25% plan to put it toward savings and 24% plan to pay down debt.

And, some see their refund as a windfall: 43% say getting a tax refund is like getting free money, increasing to over half (52%) of Gen Z.

Even With Refunds Expected, Many Americans Still Fear Owing Taxes

Expecting a tax bill plays a role in many Americans’ procrastination to file. One-third (33%) of respondents put off filing until the last minute, jumping to 40% Gen Z and 38% millennials. Of those who procrastinate, 29% do so because they typically owe money on their taxes. 

While most taxpayers (68%) believe they can afford their tax bill, others may struggle this tax season. 

• 22% of Americans say they will not pay their tax bill because they won’t have any way to pay it on time,
• 22% plan to take out a loan to pay for their tax bill,
• and 18% plan to file a payment plan with the IRS.

Interestingly, though, filing taxes causes more stress than paying taxes: 34% of Americans say the process of filing their taxes is more stressful than actually paying their taxes.

And, Gen Z would be willing to make some sacrifices to avoid filing their taxes: 35% would rather go to the dentist than file their taxes, 26% would rather sit in traffic for hours and 23% would rather give up their phone for a week.

Most People Don’t File Alone…

Filing taxes solo is the exception, not the rule. Sixty percent of Americans typically get help when filing, including nearly three-quarters (73%) of Gen Z.

Many seek help primarily because they want reassurance: either someone to double-check their work (44%), or guidance because they lack confidence that they will file correctly (43%). 

… and Younger Generations Are Slowly Turning to AI for Help

Younger Americans are increasingly open to leaning on new tools for guidance this tax season. Nearly one-quarter (23%) of all respondents plan to use AI to help with their taxes this year, but adoption jumps to more than one-third (36% and 35%) among Gen Z and millennials. 

Those who trust AI say it’s faster and more efficient (53%), and less prone to human error (37%). Cost also matters, especially for the 27% of filers who are concerned about the cost of a human professional helping them file their taxes.  

Still, widespread trust remains a hurdle. 77% of Americans do not plan to use AI tools to help them file their taxes, citing a preference of using a human professional (42%), a lack of trust in AI with their sensitive financial information (26%) and they simply don’t know how to use AI for taxes (22%). 

Tips for a Successful Tax Season  

A successful tax season doesn’t mean you have to know all the ins and outs of filing, or file alone: it’s about having the right support, starting early, and feeling confident you’re submitting an accurate return. 

• Start getting organized now. Take the time to gather all tax-related documents before you sit down to file your taxes. It may sound obvious, but you’d be surprised how much time you can save if you have all of the necessary paperwork in front of you when you go to file.
• File as early as you can. If you expect to get a refund, file quickly so that money is in your pocket. For many Americans, their tax refund is their biggest paycheck of the year. 
• Get help as you go. Everyone has their own unique financial situation, and that may present the need for some extra help filing. With TurboTax, there are a range of ways you can file, from doing it yourself, to getting unlimited, on-demand advice from Intuit tax experts as you file, or even having an Intuit tax expert fully handle your taxes for you, from start to finish, online or in-person. And, Credit Karma’s Tax Assistant can prepare up to 80% of a simple filers’ Tax Year 2025 taxes for Credit Karma members who take control of their finances by answering the Tax Assistant’s easy and quick questions year-round. Intuit’s AI-powered tax categorization can eliminate mundane manual entry by sorting personalized Credit Karma data into TurboTax, delivering a truly done-for-you tax filing experience.

This survey was conducted online within the United States by Qualtrics on behalf of Intuit TurboTax from January 9 to January 19, 2026, among 1,048 adults ages 18 and older.

As 2026 approaches, many Americans are reflecting on a financially challenging year. 

According to a new study conducted by Qualtrics on behalf of Intuit Credit Karma of 1,000+ U.S. adults ages 18 and older nearly half of Americans (49%) say their financial situation worsened in 2025. The biggest setbacks included unexpected expenses (28%), credit scores taking a hit (24%), falling behind on payment obligations (e.g., loans, credit card bill, mortgage) (20%), and difficulty affording necessities like groceries or bills (19%). Economic headwinds added pressure, with two-thirds (67%) saying rising costs and other macroeconomic forces shaped their spending habits this year. 

Looking ahead, economic factors remain the top financial concern for 2026 (38%). Yet, many consumers are entering the new year with a sense of determination. Nearly half (45%) of Americans feel confident in their ability to reach their 2026 financial goals, with many taking a hard look at the habits that held them back over the past year.

Financial Regrets From 2025

A lack of saving emerged as the most common regret of 2025, underscoring the challenges many Americans have faced trying to stay ahead of rising costs.

American’s top financial regrets include:

• Not saving money – 38% 
• Making impulse purchases based on emotions – 28%
• Accumulating too much credit card debt – 21%
• Not caring enough about their finances – 18% 
• Not saving for retirement – 14%
• Overspending due to pressure from friends or a partner – 14% 

New Year, New Financial Resolutions

Americans are eager for a new year’s reset for their finances. Nearly two-thirds (63%) have clearly defined personal finance goals for 2026 and are focused on breaking old habits and building healthier ones.

Habits people aim to break:

• Impulse buying – 34%
• Not saving money – 33%
• Overspending on non-essentials – 31%
• Dipping into savings – 25%
• Carrying credit card debt – 24%
• Not budgeting or tracking expenses – 24%

Americans are looking to build healthier financial habits in 2026 through several tactics, most notably by making a budget and sticking to it (51%). Other key strategies include improving their credit (35%), replacing emotional spending with healthier coping strategies (e.g., exercise, cooking, or meditating) (30%), and utilizing tools such as personal finance apps and AI to better manage their money (21%).

Employment & Economic Anxiety Heading Into 2026

Uncertainty around the labor market and rising costs continues to weigh on consumers.

• Job security: 27% are worried about layoffs heading into 2026, rising to 37% of Gen Z and 38% of Millennials.
• Compensation: Only 43% say their current income keeps pace with the cost of living.
• Staying put: 20% of both Gen Z and Millennials stayed in jobs they wanted to leave to maintain financial stability.

When asked what would help them the most in improving their finances next year, consumers cited solutions outside their control, including a lower cost of living (50%) and higher income (49%).

Looking Ahead to Tax Season

As the year winds down, the season for tax preparation is approaching. For many Americans, tax season plays a critical role in keeping their finances afloat. One-third (34%) rely on their tax refund to make ends meet. In fact, 49% plan to file early to get their refund sooner (63% of Millennials, 53% of Gen Z).

For many, the tax refund is essential for managing immediate financial pressures. For those that depend on their tax refund to make ends up, the primary reasons include the rising cost of living (47%), living paycheck to paycheck (38%), and having depleted savings (28%).

Heading into tax season, consumers express a number of worries. The top concerns are not receiving a refund at all (28%), getting a smaller refund than anticipated (27%), and the prospect of owing money in taxes (26%).

“Despite some apprehension, the good news is a recent Piper Sandler study indicates that many filers can expect to see an increased refund or lower balance due, in some cases by as much as $1,000,” said Lisa Greene-Lewis CPA and tax expert with TurboTax. “Most filers receive a refund, and last tax season the average was more than $3,000. For many households, that’s the largest check they’ll see all year, which is why so many filers are eager to submit their returns as early as possible.”

Americans are turning their focus toward what they can change about their finances and habits. From budgeting to building credit, people are laying the groundwork for a stronger financial year ahead. With tools like Credit Builder and Credit Spark, plus tailored recommendations to help manage credit and cash flow, Intuit Credit Karma gives consumers practical support as they work towards their 2026 goals. Credit Karma helps turn resolutions into real momentum. 

“The best thing you can do after a year of financial challenges is to not let regret paralyze you and stop you from making progress,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “Many people struggled with similar issues like impulse buying or not saving enough. The key to success and sticking to better financial habits in the new year is to not just set goals, but to build systems of accountability – whether that’s with a partner, family member, or using a financial app. A shared commitment to making finances a priority is often the turning point.”

Owning a home has long been a cornerstone of the “American Dream.” But as prices soar and affordability wanes, that dream is being rewritten. 

Amid the increasing cost of living, sky-high debt, and economic uncertainty, Americans are adopting strategies to stretch their dollars, maintain financial stability and create their own version of the American Dream. According to a new study conducted by Qualtrics on behalf of Intuit Credit Karma of 1,000+ U.S. adults ages 18 and older, 44% of Americans surveyed have significantly cut down on non-essential spending. Additionally: 

• 30% are working more hours to keep up with everyday costs
• 27% are aggressively saving or investing
• 20% have taken on a second job or side gig
• 14% are delaying major life milestones like marriage, having children or making large purchases 

Despite financial headwinds, most Americans still believe in the “American Dream,” just not the same way older generations did. When asked what it means to them today: 

• 68% said having stability and security 
• 57% said achieving financial independence or becoming debt-free
• 53% still view owning a home as central to the dream
• 42% said building long-term wealth
• 35% said being able to travel or experience new things

While 54% of Americans say the dream is attainable, optimism varies sharply by generation. Only 44% of Gen Z believe it’s within reach, compared to 61% of Millennials, who represent the most hopeful group. 

The changing face of homeownership 

While homeownership remains a symbol of the American Dream for many, how and when people get there is changing: 

• Just 6% of homeowners bought their homes within the past year, while 43% purchased more than a decade ago. 
• While 45% of homeowners purchased their homes independently, an equal percentage bought with a romantic partner or spouse. 
• 59% of Millennials purchased their home on their own

For many, buying a home is no longer the traditional solo pursuit. Among those surveyed who co-purchased property, nearly half (48%) did so to live with a specific person such as a partner, sibling or friend and 14% bought together to make homeownership more affordable. Other reasons include companionship and emotional support (10%), to share maintenance or household responsibilities (8%), and to qualify for a larger mortgage (7%). 

Co-buying a home with a romantic partner, friend or family member can open the door to exciting opportunities but it can also be complicated. While 62% of those who purchased their home with another person have not considered buying out their co-owner, not everyone’s experience has been seamless. Among those who did, 26% said it was a smooth process, but another 10% said that it has been challenging.

The price of stability 

For many homeowners, the dream of owning a home is colliding with the realities (and cost) of maintaining one. Nearly 1 in 4 homeowners (23%) say they’ve experienced buyer’s remorse,

including 38% of millennials compared to just 4% of Boomers+. The top reason? Underestimating the ongoing costs such as maintenance and property taxes (25%), followed by changes in financial situation (17%) and buying too quickly in a competitive market (15%). 

The impact of housing costs doesn’t stop at the front door. 40% of Millennials have delayed or changed other life goals due to housing expenses. In fact, 24% of Gen Z are staying in a job they don’t like because of concerns about housing costs and the economy. And another 24% of Millennials have put off pursuing work they are passionate about in favor of financial stability. 

What’s holding renters back?

While current homeowners navigate the costs of ownership, non-homeowners face their own set of hurdles. For many, affordability remains the biggest barrier. 

• Nearly a third (29%) say high home prices are the main reason they haven’t bought a home, increasing to 35% of Gen Z. 
• 21% have insufficient savings for a down payment. 
• Credit challenges also play a role, with 11% saying issues with their credit score or mortgage approval are holding them back.

Debt continues to weigh heavily on younger generations. In fact, according to recent Credit Karma member data, Gen Z continues to experience the largest increase in credit card debt, with average balances up 8.5%. It’s no surprise that one in ten Gen Z adults say student loans or other forms of debt are preventing them from taking the next step toward buying a home. 

Even so, many remain hopeful. Among homeowners who purchased seven or more years ago, 45% say their financial situation has improved since 2019, when interest rates were at historic lows. 

“For Americans navigating a complex economy, the dream is evolving, not disappearing,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma.“Whether it’s cutting back, saving smarter, or sharing housing costs, people are finding new ways to make stability attainable. Treat financial stability as something you build intentionally. Start by tracking where your money is going, automate your savings when you can, and focus on paying down high-interest debt. If homeownership is part of your dream, plan for the long haul, beyond just the down payment. The American Dream isn’t one-size-fits-all anymore, it’s increasingly personal.”

Methodology 

This survey was conducted online within the United States by Qualtrics on behalf of Intuit Credit Karma on October 28, 2025, to October 30, 2025, among 1,017 adults ages 18 and older.

For many Americans, this holiday season feels more stressful and expensive than it does merry and bright.  

According to new data from Intuit Credit Karma, nearly half of Americans surveyed (47%) say they’re stressed about affording the holidays this year, and over a third (39%) admit they feel pressured to spend more than they can actually afford, a sentiment felt even more strongly among younger generations (51% for Gen Z and 50% for Millennials).

Many consumers are heading into the holidays with less room to spend freely, as 40% are already holding existing debt, some up to $5,000 (31%). 

With debt levels high and prices continuing to rise, many consumers are scaling back this year. 63% of holiday shoppers are being cautious of overconsumption, and 47% plan to have an honest conversation with friends and family about what they can realistically afford. Even traditions are on the chopping block, with 41% of Americans planning to skip some holiday activities due to cost. 

Cutting back, out of necessity 

When asked which factors have the biggest impact on their holiday budgets, Americans cited current economic uncertainty (33%), a general desire to save money this year (33%), and a lack of or reduced income (27%).

Additionally, over 80% of Americans are concerned about tariffs impacting holiday costs, which is prompting more intentional spending behaviors including: 

• Shopping sales more aggressively (36%)
• Cutting back on discretionary spending (32%)
• Using loyalty programs and rewards points (31%)
• Shopping at discount stories (29%)
• Cutting down gift lists (28%)
• Not traveling / traveling less (19%)

When it comes to planning for holiday expenses, consumers anticipate gifts will take up the largest share of their budget (64%), followed by groceries for holiday meals (51%). 

To help stay within budget, many are opting for non-traditional gift giving approaches. While a quarter of consumers still favor traditional material gifts, others are embracing creative alternatives, such as: 

• A “one gift” rule (31%)
• Homemade gifts (29%)
• Gifting experiences, like tickets to an event, concert, or trip (24%)
• Gifting necessities like household items, subscriptions/memberships, or groceries (22%)
• Charitable donations (14%)

Shopping smarter, not harder 

The financial squeeze has shifted not only how people spend, but also when they spend. 38% of Americans have started their holiday shopping earlier than previous years, and of those, 44% say they did so to spread out the financial impact. Others got a jump start because they wanted to reduce stress later in the season (43%), ensure gift availability (41%), avoid crowds and long lines (38%), and get ahead of prices continuing to rise (37%). 

Parents are feeling the strain

With kids’ extensive (and expensive) wish lists, filled with everything from the latest iPhone and LEGOs to Lululemon and Labubus, parents are facing tough financial choices this holiday season. Among parents with one or more children under 18, over half (55%) anticipate their kids will ask for more than they can afford, and 49% say they are going to have to explain to their kids that due to financial stress, they won’t be getting everything on their wish list this year. While 45% are willing to go into debt to make the holidays feel special for their kids, 65% plan to buy practical or necessary gifts  to save on inevitable costs down the line. 

Holiday season guilt is weighing on many parents, with 52% saying they feel they aren’t doing enough to make the season memorable, while 47% worry their kids will be disappointed with the quantity of gifts they receive compared to their peers. 

According to parents, the top gifts children are asking for this year include:

1. Toys & games such as Barbie, fidget toys, LEGO, or slime (54%)
2. Electronics & tech such as the iPhone 17, Nintendo Switch, Apple Watch, or OURA Ring (47%)
3. Entertainment such as concert tickets, sporting event tickets, or music festival tickets (32%)
4. Trendy apparel & accessories brands such as Brandy Melville, Lululemon, or Princess Polly (29%)
5. Collectibles & novelty items such as Labubu, Sonny Angels, or misc. blind boxes (28%) 

“As Americans navigate a holiday season marked by rising debt and financial stress, it’s crucial to plan ahead and audit your finances to understand what you can and can’t afford before the shopping begins,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “By outlining a realistic budget and making thoughtful purchases, you can spread out expenses and avoid last-minute pressure. Don’t be afraid to communicate openly with friends and family about your spending limits, and explore creative, budget-friendly ways to celebrate. The goal isn’t to spend the most, it’s to enjoy the season without carrying financial stress into the new year.”

Methodology

This survey was conducted online within the United States by Intuit Credit Karma on October 3, 2025, to October 7,2025, among 1,013 adults ages 18 and older.

Money may not be the foundation of love, but it’s often at the center of modern relationships. From financial attraction to financial infidelity, today’s couples are navigating a mix of independence, transparency, and sometimes tension when it comes to money matters. 

According to new data from Intuit Credit Karma, more than one in four couples surveyed admit they argue about finances at least monthly (28%), a number that jumps to 39% among Millennials. In fact, 31% of respondents say they’ve broken up or considered breaking up with a partner over money, climbing to 50% among Millennials. The issue isn’t just disagreements, but also secrecy: 39% admit to experiencing financial infidelity, such as purposefully hiding certain monetary issues or being dishonest about debt and spending, and 44% say they’ve hidden a purchase from their partner, a behavior more common in men than women (51% compared to 38%). 

Separate accounts reflect a shift toward independence

Traditionally, combining money after marriage has been standard practice, but couples today are maintaining some separation when it comes to their finances and exploring other options. Among married couples, more than one in three (36%) say they have both separate and joint accounts, while 22% keep their finances entirely separate and only use individual accounts.

Among both married and unmarried couples, the motivation behind keeping finances separate varies. The top drivers include valuing financial independence (39%) and finding it simpler to manage money separately (39%). Others cite differences in spending habits (32%) and say it helps them avoid conflict (30%). 

When it comes to managing shared expenses, couples use a range of strategies. Unmarried couples either take turns covering expenses without tracking exactly (24%), split everything 50/50 (24%), or divide up expenses proportionally based on income (24%). 

With married couples, 43% pay shared expenses from a joint account. Others say one partner pays most or all shared expenses (26%), while some split expenses by category, such as one partner paying rent and the other paying groceries and utilities (24%). 

Prenups are gaining acceptance, but not without tension

Once considered taboo, prenuptial agreements are moving into the mainstream. Nearly a quarter of respondents have signed or plan to sign a prenup (24%), a figure that rises to 42% among households earning $100,000 or more. Of those who signed a prenup before marriage or plan to, the most common reason cited is to protect assets acquired before marriage (43%), though many simply say they view it as a practical financial protection tool (37%). Others seek prenups to safeguard inheritance (37%), avoid disputes later (33%), or prevent liability for a partner’s debt (35%).

However, prenups can still be sensitive, with more than 70% of people saying they felt awkward bringing up the subject of a prenup and 66% claiming it sparked a major disagreement with their partner, increasing to 80% among Millennials. 

While 40% of couples say the decision to sign a prenup was mutual, others point to family pressure (20%). 

Income gaps add pressure and shape roles

Who makes more money in a partnership often dictates not just financial contributions, but also relationship dynamics. Among respondents who earn more money than their partner, 76% contribute more to shared expenses than their partners and 67% also handle all the finances in their relationship. Among these higher earners, more than half (56%) feel significant pressure as the primary earner, and 40% sometimes resent their partners for making less money than them. In fact, 42% of higher earners admit to sometimes questioning whether their partner is with them for financial stability – which isn’t totally unfounded, given that 32% admit they’ve stayed in an unhappy relationship because they were financially dependent on their partner.

For those earning less, the strain is different. 41% say they sometimes feel inadequate because of their lower income, with Millennials (63%) and Gen Z (54%) most likely to feel this emotional struggle. 

Gender also continues to play a significant role in finances within relationships. Among male respondents, financial dynamics appear even more pronounced. A significant 72% of men report earning more than their partner, and of those, 70% handle all the finances in their relationship, while 79% contribute more to shared expenses. Interestingly, of those who earn less than their partner, men are more likely than women to feel inadequate because of it (65% to 34% comparatively).

Despite financial imbalances, many couples find ways to share responsibilities, with 67% of higher earners noting their partner takes on more responsibility in other ways, like childcare, scheduling, or household management.

Building financial harmony together

Despite the conflicts, most couples are actively trying to build financial trust. Nearly three-quarters (73%) say they have had detailed conversations about their financial standing and individual debt, including 64% of unmarried couples. Additionally, 70% say they have full confidence in their partner’s financial decisions, and among married couples, more than three-quarters (76%) have full visibility into their partner’s finances. 

“Open and honest communication about money is vital for couples, especially when navigating big financial decisions like getting married, buying a home, or planning for the future,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “I recommend establishing regular financial check-ins, perhaps quarterly or monthly, to review finances and ensure your priorities align with your partner’s. Approaching these conversations as a team, with transparency and a focus on shared financial goals can help strengthen a relationship, while avoiding them often creates strain and resentment.”

Credit Karma’s tools can help couples make those conversations easier. From monitoring credit scores separately to using the budget calculator to plan shared expenses, couples can work together to reach their financial goals, whether they choose joint accounts, separate accounts, or both.

Methodology

This survey was conducted online within the United States by Intuit Credit Karma on August 29, 2025, to September 2, 2025, among 1,005 adults ages 18 and older.

Generative AI has quickly become a go-to resource for consumers, from trip planning and meal prepping to dating advice and even money management. Providing users instant access to personalized insights on spending habits, budgeting tips and even investment strategy, GenAI tools like ChatGPT are taking the role of financial advisor for many. While it’s a simpler, more accessible alternative to working with a finance professional – no appointments, no jargon, and no fear of being judged for asking basic (or deeply personal) money questions –  is it actually helping American’s finances?  

According to new data from Intuit Credit Karma, 66% of Americans surveyed who have used GenAI before say they have used it to seek financial advice, rising to 82% of Gen Z and Millennials. In fact, finance ranks as the second most common use case for GenAI (41%), just behind health and wellness (44%). And it’s not just the occasional one-off question. Nearly two-thirds (65%) of GenAI users say they seek financial guidance from AI often, while three in four (75%) say they feel it lets them ask the financial questions they’d be too embarrassed to ask anyone else.

GenAI’s most-asked money questions

Those turning to GenAI for financial guidance use it for everything from help with the fundamentals to more complex topics, such as tax filing and investing. Among respondents using GenAI to seek financial advice, the most common topics include financial education and basic personal finance concepts (35%), financial goal setting and action plans (35%), budgeting and expense management (34%), optimizing savings (33%), saving for retirement (31%), and investing in the stock market (32%). AI is proving it can answer a wide range of financial questions consumers face on a daily basis, making it a natural place to turn for financial advice. 

The results: More confidence, but not without risk

Americans are putting AI-generated financial recommendations into practice, making it clear trust in these tools is growing. In fact, 85% of respondents who have used GenAI for financial advice have acted on the recommendations provided. Among them, 80% say their financial situation has improved thanks to GenAI, and 81% feel more confident managing their finances because of GenAI. Furthermore, when it comes to consumer sentiment around GenAI in general, 79% of users find the information generated to be accurate and 71% consider it helpful.

But it’s not all without risk. Of those who have acted on financial advice they received from GenAI, 52% say they have made a poor financial decision or mistake based on the information they received. 

Many GenAI users are treating it as a starting point when it comes to decision making, as 80% of those who have acted on financial advice they received from GenAI say they still research and validate the advice before taking action.

Why some prefer GenAI for money matters

Even with the rapid rise of GenAI as a helpful resource for almost anything, Americans still turn to a mix of online platforms and tools for financial guidance. Among the 51% of Americans who seek financial advice or information online, 27% consider social media the most useful source, followed by Google or other search engines (20%), with GenAI tools like ChatGPT or Gemini close behind (18%). This could be because 51% say their top concern about using GenAI for financial advice/information is security and privacy.  

However, many consumers still see clear advantages in GenAI. Of those who have used GenAI for financial advice, nearly half (48%) say it’s faster and more direct than social media, 45% say it explains financial concepts more clearly or in simpler terms, and 44% believe it delivers more personalized advice based on the individual’s specific situation.

“GenAI is a powerful tool for learning, planning, and managing your money in more personalized ways,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “It can do more than just explain concepts, it can help consumers take action based on their unique financial goals and current situation. While these tools put smart insights at your fingertips, it’s also important to understand your options and how they fit into your bigger financial picture. Finances are nuanced and deeply personal, so if you’re ever unsure, it never hurts to get a second opinion.”

Methodology

This survey was conducted online within the United States by Intuit Credit Karma on August 7, 2025, to August 14, 2025, among 1,019 adults ages 18 and older.

Raising kids is a significant financial commitment, and for some, the associated costs influence decisions about whether or when to have children. Among these expenses, education often ranks as one of the largest and most unpredictable. Yet, many parents may feel uncertain about the most effective ways to save for these costs, or whether they’re even worth saving for. 

According to a new study conducted online by The Harris Poll on behalf of Intuit Credit Karma, among 933 U.S. adults ages 18 and older who are parents of minors, currently expecting a child, or plan to have children in the future (referenced as “parents and future parents” throughout), 66% say they are currently saving for their children’s future. While 65% of parents and future parents are saving for their children’s future using a savings account, less than a quarter (24%) are using a 529 plan – also known as a tax-advantaged savings account used to pay for education expenses, including college, K-12 tuition, apprenticeships and student loan repayment.

Decoding the hesitation around 529 plans 

While lack of awareness is the most common reason parents and future parents give for not contributing to or considering a 529 plan – 43% of those who aren’t contributing to or considering using a 529 plan admit they’ve either never heard of one or don’t know what it is – this only tells part of the story. 

Many parents and future parents who aren’t contributing to or considering using a 529 plan also don’t fully understand how they work. For example, more than 1 in 6 (18%) aren’t contributing to/considering one because they didn’t realize the funds can be used for education expenses beyond college, such as K-12 private school tuition or trade and vocational programs. Additionally, about 1 in 7 (14%) aren’t contributing to/considering one because they worry that using a 529 plan could affect their children’s eligibility for financial aid. This lack of clarity may explain why some parents and future parents prefer other savings or investment options. Roughly 1 in 6 (17%) aren’t contributing to/considering one because they prefer more flexible investment options, which could be related to the 15% who aren’t contributing to/considering one because they feel 529 plans come with too many restrictions and penalties. 

Not to mention the economic factors that may be causing parents and future parents to think twice about contributing to or opening a 529 plan. These include concerns about the uncertainty of higher education’s future (18%), the state of student loans and student loan debt (16%) or doubts about the current post-grad job market (13%), leading them to question whether college is the right path for their children. 

Parents have a plan B 

Just because many parents and future parents aren’t using, or don’t have plans to use, a 529 plan doesn’t mean they aren’t thinking ahead. If their savings fall short when it comes time for college, they have alternative strategies in mind. 

In many cases, parents and future parents who are saving but not using/considering a 529 plan will put some of the responsibility on their children, whether that means encouraging them to apply/assisting them with applying for scholarships or grants (37%), recommending they start at a community college and transfer later (29%), or having them take out student loans in their own names (22%). 

Others plan to stretch their own resources to fund their children’s education endeavors. Nearly a third (31%) say they would dip into other savings or investment vehicles, while others are willing to take out student loans themselves (19%), relocate to lower living costs or qualify for in-state tuition (15%), refinance or take out equity in their home (14%), or even reduce or postpone retirement contributions (13%). 

Saving for the future isn’t attainable or top-of-mind for all parents 

About one-third (34%) of parents and future parents say they aren’t saving for their children’s future, and for most, it’s simply because they cannot afford to (67%). Other reasons that are contributing to their inability to save for their kids’ future include having experienced job loss or unstable income (22%) or prioritizing the financial needs of other family members they are caring for, such as aging parents (14%). 

For others, saving just isn’t a priority – at least not yet. A quarter (25%) say they aren’t currently saving because it feels too early to start, while one in five (20%) admit they haven’t really thought about long-term financial planning for their children at all. 

“Raising children is expensive, especially when it comes to education-related costs, which can be among the largest and most unpredictable expenses families face,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “It’s crucial for parents to start saving for their children’s future, if they can. Even small, regular contributions can grow substantially over time. While there is no one-size-fits-all approach to saving, exploring options like 529 plans can be beneficial, as these tax-advantaged accounts allow funds to be used toward non-college expenses, including K-12 tuition and eligible vocational programs. Ultimately, how parents choose to save depends on their goals and preferences, but understanding all the available accounts and tools available can help them make the most informed decisions for their children’s future.” 

Methodology

This survey was conducted online within the United States by The Harris Poll on behalf of Credit Karma from July 17-21, 2025 among 933 U.S. adults ages 18 and older who are parents of minors, currently expecting a child, or plan to have children in the future. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within +/- 3.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact pr@creditkarma.com