Outlook on American Life 2024 Report | H&R Block®

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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

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

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.

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

Of those holding credit card debt,

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.

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.

Gen Z are leaving employers at unprecedented rate to increase their adjusted gross income.
51% anticipated turning a hobby into an income source in the next year.

Check out the most popular Gen Z side hustles.

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

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

We're here to help hardworking Americans

With nearly 70 years of experience and 20 million tax returns filed each year, H&R Block is uniquely qualified to help you get the best possible tax outcome in an ever-evolving economy.

Explore resources

We're here to help hardworking Americans

With nearly 70 years of experience and 20 million tax returns filed each year, H&R Block is uniquely qualified to help you get the best possible tax outcome in an ever-evolving economy.

Explore resources

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