By: d-mars
BrandPoint
Tax season can be a stressful and challenging time for many Americans. In fact, according to the second-annual “Straight Talk Wireless™ Tax Stress Index,” one in five people want to throw their phone due to frustration over taxes.
That’s not all Straight Talk uncovered. Below are three key findings from Straight Talk’s annual survey that shed light on American attitudes about taxes and their refunds.
- Shrinking Refunds
A common fear among tax filers in 2024 is the possibility of smaller returns. Forty-nine percent are worried their tax refund this year won’t be as high as last year.
While no one likes receiving less money than expected, a smaller refund could make life harder for some. The survey found that 60% of Americans are in more debt than last year and many of them are counting on their refunds to secure financial stability – 34% plan to use their refund to pay off debt.
- Financial Management
Aside from debt, many Americans have earmarked their refunds for other financial goals. According to the survey, 37% plan to save their refund and 34% will use it for household expenses.
“Finances remain top of mind for tax filers,” said Lynnette Khalfani-Cox, personal finance expert and bestselling author of the new book Bounce Back: The Ultimate Guide to Financial Resilience. “Inflation anxiety and rising debt continue to plague Americans. It’s not surprising that instead of paying for a vacation or buying luxury items, people are using their refunds as part of their financial management strategy.”
- Upgrades
While extravagant spending may not be in the cards, many tax filers do plan to spend their refunds on practical expenses. Nearly half, about 44% of Americans, say they plan to upgrade their phone using their tax refund.
If you’ve been thinking about upgrading your phone, tax season may be your best bet. Not only will you have extra cash, but you’re also likely to find deals.
With prepaid, no-contract plans, you can embrace benefits like flexibility and savings all year long – but especially during tax season.
Survey methodology: This random double-opt-in survey of 2,000 general population Americans was commissioned by Straight Talk Wireless between Jan. 16 and Jan. 21, 2024. It was conducted by market research company OnePoll.
