The Beyond Finance and Operation HOPE Financial Literacy Month collaboration gains national attention as Chron featured their new survey findings showing that, for many Gen Z and Millennials, tax refunds have evolved from an annual bonus into an essential financial safety net.
Chron reported that nearly half (45%) of younger Americans planned to use their 2026 tax refunds to pay bills or reduce debt rather than spend on discretionary purchases. Fewer than 4% said they intended to use their refunds for travel or entertainment, reflecting the financial pressures shaping day-to-day decisions for millions of households.
The findings emerged from a national survey of 2,000 Gen Z and Millennial adults conducted by Beyond Finance in partnership with Operation HOPE during Financial Literacy Month. The research found that “survival spending” has become commonplace, with 77% relying on short-term financial tools to cover essentials and 71% saying they need side hustles simply to keep up financially.
“We found that for younger adults, tax refunds are going toward the basics like catching up on bills, paying down debt, and creating a little more control in an uncertain environment,” said Dr. Erika Rasure, PhD, CFT™, Chief Financial Wellness Advisor at Beyond Finance. “That may not fit the traditional image of refund season, but it reflects a new kind of financial resilience shaped by today’s realities.”
Importantly, the survey challenged the notion that younger generations are financially irresponsible. Instead, it revealed a generation adapting to economic realities with pragmatism and resilience. Whether leveraging tax refunds to regain stability, supplementing income through side hustles, or embracing new technologies to inform financial decisions, Gen Z and Millennials are rewriting the rules of financial wellness in real time.
Chron coverage reinforced a central message of the Beyond Finance and Operation HOPE collaboration: today’s financial education must acknowledge the economic realities people face and equip them with practical strategies to move from surviving to thriving. As younger Americans continue to redefine what financial success looks like, meeting them where they are has never been more important.
About Dr. Erika Rasure
Dr. Erika Rasure, PhD, CFT™ is an internationally recognized financial therapist, educator, and researcher with over two decades of experience helping people transform their relationship with money. She holds a doctorate in Personal Financial Planning from Kansas State University and is a Certified Financial Therapist™ — one of a small number of practitioners in the country to hold both credentials. As Chief Financial Wellness Advisor at Beyond Finance, she leads five weekly financial wellness sessions with clients navigating debt and is the creator of Beyond Finance’s Financial Wellness RESET™ Framework, Assessment, and Curriculum — a proprietary, clinically-informed model that addresses the behavioral and emotional reasons financial advice so often fails to stick, helping people change not just what they do with money, but how they relate to it. She serves on the Financial Review Boards of Investopedia, The Balance, VeryWell Family, and VeryWell Parents, chairs the Financial Therapy Clinical Institute Research Board, and her expertise has been featured on NBC’s Today Show, CNBC, CNN, Forbes, the Wall Street Journal, Fortune, Barron’s, the Associated Press, and USA Today.