Dave Ramsey surprises co-host by defending young Americans who need a ‘therapist’ to deal with tax season stress

Dave Ramsey surprises co-host by defending young Americans who need a therapist to deal with tax season stress

When Rachel Cruze recently came across a statistic, she couldn’t wait to share it with her father, Dave Ramsey, on camera for an episode of his radio show.

Famous for his blunt and skeptical approach to financial advice, Cruze seemed confident that Ramsey, as a baby boomer, would have a strong reaction to the major discoveries detailed in the story.

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The statistic in question comes from a CNBC article, Cruze explained, where a survey by Cash App Taxes reported that 1 in 4 Gen Z tax filers need a therapist to deal with tax return stress. Another 54%, he continued, said they’ve been made to cry about filing their taxes in the past, or expect to be made to cry about them this year.

And while Cruze might have expected Ramsey to call these young adults soft, his response seemed to take her by surprise when, instead, he said he was calling BS on the poll.

This survey says that entire generations are a bunch of kids, Ramsey says in a clip from his show. This is simply not true. This is not my experience with Gen Z.

In fact, Ramsey says if there’s one generation that needs to overhaul its financial hygiene, it’s his own baby boomers. Here are some money lessons he believes older people can learn from younger generations.

Taxes are universally disliked

Back to the question of tax anxiety, Ramsey admits that he’s not a fan of filing his taxes, but just has a different reaction to the experience.

I don’t cry, I get angry, he says. I am perpetually mad at April.

Heightened feelings around tax time are something shared by all generations, with 64% of respondents of all ages reporting that tax season introduced a level of stress to their lives

One thing Gen Z is doing well is planning ahead of those tax anxiety issues. Sure, going to therapy may seem extreme, but there are other ways to actively manage this stress.

For example, you can learn about the tax process. Most people’s taxes aren’t too complicated, so knowing the step-by-step process can help you feel more confident doing them.

If doing your taxes is still stressful, get help. Accountants are experts in this very area and can do the heavy lifting for you.

Read more: Barbara Corcoran Predicts Mortgage Rates Will Hit ‘Magic Number’ And Send Home Prices ‘Through The Roof’, Here’s How To Get Set Up Today

Financial transparency

The Ramsey Show is primarily a call-in show, with people asking for financial advice. Ramsey listens to people of all ages, from Gen Z to the Silent Generation. And he says boomers are often the hardest to talk to.

Boomers come in and lie. They’re faking it, Ramesy tells Cruze. They care so much about what you think they put on the chameleon. It’s a donkey disguised as a thoroughbred.

Whereas millennials and Gen Z don’t put on any airs when they call.

They are what they are, says Ramsey. He adds that many younger people are very mature, very serious, very focused, very missionary.

This may be because younger generations are more open to speaking openly about their challenges. Last year, 35% of Gen Z and millennials had received mental health treatment, while only 8% of baby boomers had, according to a 2023 YouGov survey.

Therapy has also moved into finances, as more Americans seek the support of financial therapy to address the number one stressor in their lives: money, according to the recent Stress in America survey by the American Psychological Association.

Ramsey himself is one of the Boomers who preaches this kind of financial transparency. He himself has long been open about his bankruptcy and poor financial decisions.

His whole program is based on talking openly with people about their finances. As Ramsey says on his website: It’s time to face life’s storms head on.

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This article provides information only and should not be construed as advice. It is provided without any warranty.

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