Gen Z Driving Shift Toward Digital Tax Payments, According to New Report From ACI Worldwide - Seite 2

For more than 20 years, ACI has supported the billing and payment needs of federal, state and local government entities with secure, Payment Card Industry-compliant solutions. ACI is one of three service providers for the IRS and is one of the platforms taxpayers can use for IRS DirectPay, a new payments system currently piloting in 12 states. In recent years, ACI has added popular alternative payment methods to meet the preferences of younger taxpayers, adding PayPal, PayPal Credit and Venmo as payment options. To date, millions of customers have paid their taxes and other bills using ACI Payments, Inc.

Additional Survey Insights

• Top three ways respondents plan to file their taxes this year:
  • 39% will file electronically through popular software (e.g., TurboTax, H&R Block, TaxSlayer)
  • 30% will file electronically or by mail through a professional (e.g., CPA, tax accountant)
  • 10% will file by mail/paper
• This marks the third consecutive survey in which the percentage of respondents who plan to file electronically through popular software has decreased, from 45% in 2022 to 42% in 2023 to 39% in 2024.
• Top five ways respondents would spend their tax refund, if they received one:
  • 46% would deposit into a savings account
  • 38% would pay down debt (e.g., credit cards, loans, etc.) – a 4% year-over-year increase, perhaps indicating a strain on the consumer amid an inflationary macroeconomic environment
  • 21% would make minor purchases (e.g., clothing, sporting goods, etc.)
  • 17% would make home improvements
  • 14% would invest in stocks, bonds, cryptocurrency, etc. – a 3% year-over-year increase

Survey Methodology
All figures, unless stated otherwise, are from YouGov Plc. The total sample size was 1,185 adults. Field work was undertaken between February 29 and March 1, 2024, and was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+). Generations were defined as follows: Gen Z (born after 2000), Millennial (born 1982-1999), Gen X (born 1965-1981) and Baby Boomer (born 1946-1964).

About ACI Worldwide
ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintech companies and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.