(BPT) - Tax season can be a stressful and challenging time for many Americans. In fact, according to the second-annual 'Straight Talk Wireless™ Tax Stress Index,' 1 in 5 people want to throw their phone due to frustration over taxes.
That's not all Straight Talk uncovered. Below are three key findings from Straight Talk's annual survey that shed light on American attitudes about taxes and their refunds.
1. Shrinking Refunds
A common fear among tax filers in 2024 is the possibility of smaller returns. 49 percent are worried their tax refund this year won't be as high as last year.
While no one likes receiving less money than expected, a smaller refund could make life harder for some. The survey found that 60 percent of Americans are in more debt than last year and many of them are counting on their refunds to secure financial stability - 34 percent plan to use their refund to pay off debt.
2. Financial Management
Aside from debt, many Americans have earmarked their refunds for other financial goals. According to the survey, 37 percent plan to save their refund and 34 percent will use it for household expenses.
'Finances remain top of mind for tax filers,' said Lynnette Khalfani-Cox, personal finance expert and bestselling author of the new book Bounce Back: The Ultimate Guide to Financial Resilience. 'Inflation anxiety and rising debt continue to plague Americans. It's not surprising that instead of paying for a vacation or buying luxury items, people are using their refunds as part of their financial management strategy.'
3. Upgrades
While extravagant spending may not be in the cards, many tax filers do plan to spend their refunds on practical expenses. Nearly half, about 44 percent of Americans, say they plan to upgrade their phone using their tax refund.
If you've been thinking about upgrading your phone, tax season may be your best bet. Not only will you have extra cash, but you're also likely to find deals. For example, with Straight Talk, you'll find great deals on service plans with a wide selection of smartphones at affordable prices. Right now, Straight Talk is offering a Samsung Galaxy A14 5G for free with the purchase of the Extended Silver Unlimited plan.* To learn more, visit StraightTalk.com or a Walmart store near you.
With prepaid, no-contract plans, you can embrace benefits like flexibility and savings all year long - but especially during tax season.
*Offer valid through 6/9/24 while supplies last. At participating stores. Must purchase a Straight Talk Extended Silver Unlimited Plan to qualify (90-Day, 180-Day or Annual Plan). In-Store activation required at Walmart. Limit of two phones per customer. Taxes and fees apply. ©2024 TRACFONE.
Survey methodology: This random double-opt-in survey of 2,000 general population Americans was commissioned by Straight Talk Wireless between January 16 and January 21, 2024. It was conducted by market research company OnePoll.