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Uncertainty Surrounds 2023 Tax Refunds: One in Four Americans Unsure of Receiving One
Americans Shift Towards Responsible Spending: Tax Refund Anticipation and Financial Stability
According to New York Post, new research reveals that a significant portion of Americans are uncertain about their tax refunds this year with one in four individuals unsure if they will receive one. The survey of 2,000 U.S. adults was conducted by OnePoll for Cricket Wireless and indicates that 43% anticipate receiving a tax refund in 2024 with a slight increase from 40% last year. There has been a rise in uncertainty with 25% of respondents unsure if they will get a refund up from 20% the previous year. The average expected refund has decreased to $2,023.50 from $2,338.40 last year and the prompting concerns about financial stability and planning among Americans.
Many respondents are anticipating using their tax refunds in a more responsible manner this year. Two in three Americans stated they would utilize the refund in a mature way with 36% planning to save it compared to 26% last year. Half of those who have experienced significant life changes such as contributing to a retirement plan or securing a new job and intend to use their refunds to financially support these transitions. Stress leading up to the tax deadline remains prevalent with a quarter of Americans admitting to feeling stressed largely due to uncertainty regarding tax returns and the economy’s impact on their financial decisions.
2023 Tax Refunds for the Average American – How Much Should You Expect?(PHOTO: getty iamges)
Mobile Financial Management Apps Gain Popularity Amidst Economic Unpredictability
In response to economic uncertainties there are many respondents have adopted proactive financial management strategies and including increased budgeting and reduced spending. Mobile financial management apps have also witnessed a surge in popularity with a significant portion of respondents using smartphone apps to track and manage their finances. Nearly a quarter of smartphone owners plan to file their taxes using their mobile devices in 2024 and indicating a shift towards convenient and accessible financial management practices amidst economic unpredictability.
READ ALSO: 2023 Biggest Tax Credits For Americans, Are You Qualified?
