Americans Plan to Use Tax Refunds More Responsibly in 2024
Americans Anticipate Tax Refunds with Increased Responsibility
New York Post – According to a recent survey of 2,000 Americans, one in four people are not sure if they will get a tax refund this year. That is up from last year where only 20% felt uncertain. However, 43% of respondents expect to receive a refund, a slight increase from last year’s 40%. The average amount anticipated is $2,023.50 which is a bit less than last year’s average of $2,338.40.
The survey, conducted by One Poll for Cricket Wireless, also revealed that many Americans plan to use their tax refunds more responsibly this year. Two in three people said they would use the money in a more mature way. Among those expecting a refund three in five plan to save it, compared to just 26% last year. Additionally, half of respondents who experienced major life events, such as starting a retirement plan or getting a new job, intend to use their refund to support these changes financially.
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Anticipated 2023 Tax Refunds Amounts for Average Americans: A Breakdown (PHOTO: Money)
Tax Deadline Stress: Americans Grapple with Uncertainty and Economic Concerns
Despite these intentions, a quarter of Americans feel stressed leading up to the tax deadline. Uncertainty over what to expect is a significant factor contributing to this stress. Many are unsure about how life changes, like getting married or having a child, will affect their tax returns. Moreover, economic concerns also play a role with only a third of Americans believing the economy will improve in 2024 compared to the previous year. To cope with these uncertainties, many respondents have turned to budgeting and reduced spending.
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