Unsure About Refunds
Expectations for Tax Refunds
According to the New York Post, A recent survey of 2,000 Americans shows that many are unsure about refunds they’ll get this year. About one in four people feel unsure about refunds which is more than last year. However, Americans around 43%, are expecting a refund this year compared to 40% last year. But the average expected refund has gone down from $2,338.40 to $2,023.50 showing that people might be expecting unsure about refunds so it meant less money back.
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Reliance on Tax Refunds and Financial Management
The survey also found that many people rely on tax refunds. Two out of three individuals say they’ll use the extra money more responsibly this year. About 36% of Americans plan to save their refund which is a big increase from last year’s 26%. Also, life events like saving for retirement or starting a new job are reasons why half of the people surveyed would use their refund money. Still, many Americans feel unsure about refunds, especially with economic worries and not knowing much about taxes. To deal with tax season stress and financial worries a lot of people are trying to manage their money better. Many are budgeting more and others are spending less overall. More Americans are also using finance apps, especially mobile wallets and investing apps. Nearly a quarter of the people surveyed plan to use their smartphones to file taxes in 2024 showing how much people rely on mobile technology to handle money matters easily.