Roughly three in four U.S. bank customers have some sort of worries about their taxes, with 21% saying they have more fears about this tax season than normal, according to a new survey by J.D. Power. The firm found that a third of bank customers (33%) were financially healthy as of February, with 41% financially vulnerable. The large number of customers who are worried about taxes is notable because many people use tax returns to inject much-needed capital into their finances. “Customers may need some help in navigating this tax season to avoid further financial worries,” J.D. Power said.
Half of bank customers (50%) say it is somewhat of a burden to make their tax payment, and 17% say it is an extreme burden. Of banking customers that have tax repayment, 21% are creating new debt by either borrowing from a friend or family member (11%) or taking out a loan (10%) to make that payment. Another 9% said they don’t know where they will get the money for tax repayment.