Millennials are more timely, better savers when it comes to filing and refunds
Los Angeles, CA, March 24, 2015 – The mad dash to file taxes on the April 15th deadline involves a relatively small group of taxpayers, according to a recent consumer poll from Instantly™, the provider of the world’s largest audience and consumer insights platform. Only four percent of US adults reported waiting until April 15th to file their taxes, while 82 percent reported that they file at least one month before the government deadline, according to the survey.
The survey also revealed that most Americans—nearly 50 percent—use online tax programs over other filing methods, citing ease-of-use as the driving reason. Twenty percent of respondents use a tax preparation service like H&R Block, 18 percent still file themselves with paper, and a minority (14 percent) rely on an accountant.
Despite the tools and increased convenience available today, there is still plenty of hesitation around filing. Seventy-nine percent of respondents were apprehensive with the outcome of filing their taxes –with concern of filing incorrectly and not getting the money back they deserve being the top fears. Seventy-five percent of those polled also expect to receive less than the average national return of $3,120, or to owe money.
The biggest usage of tax return money? It’s paying down bills and debts for 36 percent of Americans.
In addition, the survey revealed surprising data on Millennials in regards to when they file and how this group spends their tax refunds.
“Media buzz around tax season tends to focus on last-minute filers, but the study found that most people file early, with Millennials leading the charge,” said Andy Jolls, Chief Marketing Officer of Instantly.
Busting myths about the (often labeled) entitled and reactive millennial generation, the survey showed that this group is even more diligent when it comes to filing, with 90 percent filing at least one month ahead of the deadline as compared to an average of 77 percent for all other age groups. The index also showed that 33 percent of Millennials plan to save their federal and state refunds, compared to only 18 percent of non-Millennials, who are more likely to use their refunds to pay down debt and bills.
The study also found that 17 percent of Millennials feel a sense of civic pride when filing their taxes, while the majority of non-Millennials feel that taxes are just something they have to do.
Instantly polled over 500 respondents nationwide to dive into Americans’ perceptions and behaviors in regards to tax season. To see the complete results of the study, click here.
About Instantly, Inc.
Instantly™ is the world’s largest audiences and insights platform, providing researchers and marketers with immediate access to consumers and automated insights tools to make faster, better decisions. Instantly is based in Los Angeles, with offices in the United States, Europe and Asia.
Sasha Quintana, MWW for Instantly
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