U.S. Consumers Plan to Spend Their Tax Refund On Responsible Things?
Lehi, Utah—April 5, 2018—Tax refunds, while actually a reimbursement of our overpayment to Uncle Sam, are most often treated like “found” money. But how do the majority of people spend their “extra” cash? MaritzCX, the world’s largest enterprise customer experience technology and research firm, surveyed a representative sample of 600 U.S. citizens to find out.
Survey respondents appear to be a pretty responsible group. Saving tops the list of what they plan to do with their tax refund (32 percent), followed closely by paying bills (31 percent), and paying off loans (six percent). However, age and income play a factor in what they plan to use refunds for. Below are a few more detailed survey findings.
SAVINGS: The wealthier, earning $150K+ annually, were more likely to save their refund (49 percent) while of those earning between $25K-$100K annually; only 30 percent said their refund would be saved.
INVESTING: Of respondents earning under $25K, nearly 20 percent plan to invest their refund. On the other end of the spectrum, earners of $150K+, only 12 percent have earmarked their refund for an investment.
VACATION / HOME IMPROVEMENTS: There do exist some fun lovers among the respondents. Taking a vacation and making home improvements tied at eight percent.
LARGE PURCHASE OR DONATION: Two percent plan to make a large purchase, and charities can count on one percent of respondents donating a portion of their refund.
RELAXATION: For those planning a dream vacation, 40 percent said relaxing on a beach in the U.S. (20 percent) or abroad (20 percent) was their pick. Cruising claimed 12 percent of the votes, and the more adventurous bunch would explore ancient ruins (10 percent), explore the U.S. in an RV (10 percent), travel the world on a yacht (7 percent), or safari in Africa (5 percent).
When asked about preferred filing method, nearly half (45 percent) of those surveyed used tax preparation software to file, followed by employing a professional tax preparer (29 percent), and private CPA (10 percent).
Finally, with new U.S. tax laws in effect, MaritzCX asked respondents if they believed the new laws would benefit them financially. Respondents were evenly split between yes, no and don’t know.
To view the report including graphs from the tax refund and vacation survey from MaritzCX visit https://www.maritzcx.com/tax-refund-study/.
MaritzCX commissioned an online survey from March 9 – 13, 2018 using the Research Now panel. A total of 600 surveys were collected with the population balanced to the U.S. Census by gender, age, income, ethnicity and geography.
MaritzCX is customer experience (CX) management for big business. High-value CX programs are critical for every organization. We combine CX software, data and research science, deep vertical market expertise, and managed program services to help accelerate client success. CX programs that are most impactful drive the right kind of actions throughout the company and support a strong business case. MaritzCX seeks to partner with companies that insist on effective and high-ROI CX. Our customers include global brands from the Automotive, Financial Services, Travel & Hospitality, Consumer Technology, Telecom, Retail, B2B, Energy and Utilities industries.
Media contact: Stephanie Miller, Penna Powers, 801-209-8634, email@example.com