The American Institute of Certified Public Accountants (AICPA) has published figures from their survey into taxpayer finances during the fourth quarter of 2020.
The study revealed that around a quarter (25%) of American taxpayers do not have a financial plan to manage their financial affairs.
In comparison, over half of American (55%) have used the information collected and entered on their annual tax return to create or make changes to their financial plan.
In response to these results, Gregory J. Anton, chairman of the AICPA’s National CPA Financial Literacy Commission, said: “As good as it may feel to have taxes behind you, the information that you’ve just gathered is an up-to-date roadmap of your financial life right in front of you.
“Don’t simply file and forget your tax return. Use it as a tool to help you in developing a plan that will put you on the path to reach your financial goals.”