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A financial lifeline for many consumers — particularly lower-income consumers — in the form of tax refunds may be fraying a bit at a time when those refunds may be needed to bolster households against economic headwinds. The impact of the IRS staffing cuts is still unknown, but a dip in year-over-year tax filing activity, per the department, indicates a glut of returns and an uncertain timeline for refunds, which in turn may impact some of the firms that offer tax filing services, and rely on a percentage of those refunds for their own revenues. The Financial Lifeline

Just one month remains in the 2025 tax filing season before the April 15 deadline. As of March 7, the Internal Revenue Service (IRS) has received fewer returns than in the same period in 2024, but the average refund is 5.7% higher, according to IRS data. Despite larger checks going out, tax season can be especially stressful. One survey from Intuit Credit Karma and Qualtrics found that nearly a third of workers want to cry just thinking about filing their taxes. To mitigate some of these worries (and tears), Yahoo Finance asked professional advisers about their top tips and reminders for the 2025 tax season. As of March 1, the IRS processed 98.8% of the filings it received, refunding $124.8 billion to taxpayers

We all have a unique relationship with our finances shaped by our upbringing, culture, generation, and more. These influences can alter our perception of our finances and impact our choices — sometimes negatively.When a person has a distorted or unhealthy perception of their financial situation, it may be considered a form of “money dysmorphia.” Although it’s not a formally recognized psychological condition, the term is increasingly used to describe irrational beliefs or feelings about wealth, spending, or financial stability.If that sounds familiar, you may wonder if you have money dysmorphia. Learn more about the signs and symptoms, and what to do if you’re struggling.What is money dysmorphia?Drawing parallels to the mental health condition of body dysmorphic disorder (BDD) — commonly referred to as body dysmorphia — money dysmorphia refers to a distorted perception of your financial situation that doesn't match reality.For example, money dysmorphia can cause stress and anxiety around spending money, even though you earn plenty to cover all of your costs. Or it may drive you to overspend and have a distorted view of what you can truly afford.According to a 2024 study conducted by Qualtrics on behalf of Intuit Credit Karma, 29% of Americans experience money dysmorphia, with younger generations being more likely to report feelings of financial inadequacy (43% of Gen Z and 41% of millennials).7 signs of money dysmorphiaMoney dysmorphia doesn’t manifest the same way in every person. Some key indicators that you may be struggling with money dysmorphia can include:Avoiding checking your bank account balances, or constantly checking your account balancesMaxing out your credit cardsConstantly worrying about not saving enough moneyAvoiding spending any amount of money or making financial decisions because it causes you anxietyFeeling guilty or ashamed after spending moneyFeeling like you don’t have enough moneyConstantly comparing your financial situation to othersRead more: Most Americans are dissatisfied with their savings, survey showsRegardless of how money dysmorphia may present itself, the consequences can be severe and far-reaching.“The reality is that money dysmorphia can hold people back in personal and financial ways,” said Han Lim Kim, a licensed clinical psychologist at Clarity Therapy NYC. “You might be losing or hurting relationships by avoiding spending on activities with friends and family and miss out on the joys connected to these interactions