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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Income Tax Course: Enrollment in, or completion of, the H&R Block Income Tax Course or Tax Knowledge Assessment is neither an offer nor a guarantee of employment. Additional qualifications may be required. Enrollment restrictions apply. There is no tuition fee for the H&R Block Income Tax Course; however, you may be required to purchase course materials, which may be non-refundable. State restrictions may apply. The Income Tax Course consists of 40 hours of instruction at the federal level, 70 hours of instruction in Maryland, 81 hours of instruction in California, and 81 hours of instruction in Oregon. Additional time commitments outside of class, including homework, will vary by student. Additional training or testing may be required in CA, OR, and other states. Valid at participating locations only. Void where prohibited. This course is not open to any persons who are currently employed by or seeking employment with any professional tax preparation company or organization other than H&R Block. During the Income Tax Course, should H&R Block learn of any student’s employment or intended employment with a competing professional tax preparation company, H&R Block reserves the right to immediately cancel the student’s enrollment. The student will be required to return all course materials. CTEC# 1040-QE-2864 ©2024 HRB Tax Group, Inc.

H&R Block has been approved by the California Tax Education Council to offer The H&R Block Income Tax Course, CTEC# 1040-QE-2864, which fulfills the 60-hour “qualifying education” requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890; or at www.ctec.org.
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Based on prices on TurboTax.com on January 6, 2025. TurboTax is a registered trademark of Intuit, Inc.
Price Estimate: We will notify you if there is a change in your tax situation that requires a price adjustment.