As the tax filing deadline draws near, a new survey reveals that about two-thirds of Americans believe they would be better off financially if they had a stronger understanding of personal finance. This widespread lack of financial literacy underscores the importance of guidance for taxpayers preparing their returns.
CBS News business analyst Jill Schlesinger offers practical advice to help taxpayers navigate the filing process and improve their confidence in managing investments. While specific tips were not detailed in the survey, experts emphasize the role of planning, organization, and seeking professional assistance when necessary to avoid common pitfalls.
Why it matters
Tax season deadlines create pressure on millions of Americans, many of whom struggle to grasp the complexities of tax law. Improving financial literacy can lead to more accurate filing, better investment decisions, and overall financial well-being. With two-thirds of surveyed individuals acknowledging deficiencies in their financial knowledge, delayed or incorrect tax filings could increase penalties or reduce refunds, impacting households’ economic stability.
Background
Financial literacy has long been recognized as a critical factor in personal economic success. Despite widespread access to financial education resources, many Americans still face difficulties understanding taxes, investing, and budgeting effectively. The upcoming tax deadline highlights the persistent gap between available information and taxpayers’ ability to apply it confidently.
Government agencies and financial institutions often release reminders and educational materials as tax deadlines approach to assist taxpayers. Analysts like Schlesinger continue to advocate for better consumer education to help reduce stress and errors during tax season.
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