One in four Americans don’t know if they’ll get a tax refund this year, according to a new survey.
A survey of 2,000 U.S. adults found that the number of people who were thinking about their taxes in the future was higher than last year. It was found that the rate had increased from 20% to 25%.
Meanwhile, 43% expect to receive a tax refund in 2024, up slightly from 40% last year.
The average respondent who believes they will receive a tax refund expects to get $2,023.50 back this year, down from last year’s average of $2,338.40.
Conducted by OnePoll, cricket wirelessAccording to the annual Tax Time Survey, two in three Americans say that if they received their tax refund in 2024, they would use it in a more “mature” way than in years past (67% ).
Of those expecting a tax refund, three in five are relying on that extra income, and 36% plan to save, compared to just 26% last year.
Half of people who experience a major life event, such as contributing to a retirement plan (17%) or getting a new job (11%), say they would use their tax refund to financially support the new change. Masu.
However, a quarter of Americans admit to feeling stressed before the tax deadline (28%).
What is the cause of that stress? For many people, what will happen is uncertain.
For example, only 38% of people who experienced a life change in the past year, such as getting married or having a child, knew that these events would affect their tax return.
Knowledge also contributed to respondents’ uncertainty, with one in five unable to define common tax terms such as “adjusted gross income,” “dependents,” and “filing status.”
The economy is also bad for those who are less sure about their finances this year.
Only one-third of Americans (34%) think the economy will be better in 2024 than the year before, and 45% share that this outlook will influence their decision to spend or save their tax refund doing.
To address this, overall, the majority of respondents budgeted more (68%) and 44% spent less.
“High inflation and an unpredictable economy have many Americans anxious about tax season,” said Tony Mokri, Cricket Wireless’ chief marketing officer. “For many people, this time of year is the only time of the year when windfall gains are available, and how you handle these funds often sets the financial tone for the year. continues to encourage consumers to seek value wherever possible, especially on recurring bills such as phone plans.”
However, those surveyed are in charge of their finances and keep track of their finances on their mobile phones (51%).
Only half (52%) of respondents used a banking app last year, but that number now stands at 92% of people who use financial apps.
Mobile wallets (48%) and investment apps (42%) were also among the most popular financial apps last year, and remain popular among respondents this year (66% and 39%, respectively).
Credit score management apps are also growing in popularity (39%), and one in five people also have a tax filing app (18%).
To take advantage of resources, nearly a quarter of smartphone owners plan to use their smartphones to file their taxes in 2024 (23%).
Tony Mokri, chief marketing officer at Cricket Wireless, said: “It’s encouraging to see more people using their smartphones to manage their finances.” “It’s hard to stay on top of everything, but having instant access takes away the pain of managing your money, making it easier than ever to track your spending, effectively budget, and work toward your financial goals.” It will be easier.”
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