• STRONG OPTIMISM, CRUSHING DEBT

    2024 Outlook on American Life Report

    We analyzed anonymized, aggregated data from 11.4 million tax filers and four national surveys. Here’s what we found.

    Read the 2024 report Compare to the 2023 report

  • THE GOOD NEWS

    Americans believe in their future prosperity

    Tax-return data suggests they have good reason to.

    Millennials and Gen Z are enjoying as much as 30% more buying power than taxpayers their age 20 years ago. For many, incomes are outpacing inflation. Households are shrinking, and more Americans are making their savings work for them.

  • Incomes for many outpace inflation

    The data shows that most Americans
across generations are earning at rates that beat inflation last year.

  • Debt is the monster lurking under the bed

    Rising costs make the headlines, but debt is what threatens to derail Americans’ future financial stability.

    • 1 in 3 Americans spent all of or more than what they earned for the year.

    • 1 in 5 Americans say that, without a source of income, they wouldn’t be able to cover household expenses for a full week.

  • GENERATIONS AT A GLANCE

    Gen X carries the most credit card debt — but Gen Z feels the most burdened​


    Nearly 1 in 2 Americans hold credit card debt.



    Of those holding credit card debt,

    as many as 2 in 3 say their level of credit card debt is unmanageable.





  • Gen Z is remapping the road to financial success

    Making money. Differently.

    Embracing the 1099 form and the power of side hustles, Gen Z is reimagining the job market in order to achieve financial stability.

  • Nearly 1 in 3 changed jobs last year

    Check out the most popular Gen Z side hustles.

  • Gen Z are leaving employers at an unprecedented rate to increase their adjusted gross income.

  • 51% anticipated turning a hobby into an income source in the next year.

  • Gen Z aspires to wealth, health, and home ownership

    Despite past economic challenges, their biggest goals are becoming financially successful, maintaining health and wellness, and owning a home.

  • 63%

    of Gen Z aspires to save — or is already saving — for a home.

  • 23%

    say they will purchase a home in the next 12 months.

  • 95%

    say “Maintaining my health/wellness” is very/somewhat important.

THROUGH THE EYES OF GEN Z

“I’m most hopeful I’ll be able to earn enough money to be comfortable and treat myself and others while also managing my money and saving up for things.”

Read the whole story
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  • This report draws on H&R Block’s Assisted tax-return data from the 11.4 million filers we assist in our 9,000 offices every year and billions of Assisted datapoints from the last 25 years.

    The report also includes data from a Jul 2024 Morning Consult survey (2,210 tax filer respondents, 438 Gen Z respondents), August 2024 Omnibus survey (2,200 respondents, 1,503 Gen Z respondents), and August 2024 Qualtrics General Population survey (1,501 respondents). Audience samples were weighted to be representative of the U.S. population on age, ethnicity/race, education, and region.

    The purpose of the 2024 Outlook on American Life Report© is to further public policy discussions on taxation. The data relied on are anonymous, aggregated statistical compilations of data.