{"id":742676,"date":"2023-03-27T07:03:33","date_gmt":"2023-03-27T11:03:33","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/survey-most-middle-income-americans-plan-to-use-tax-refunds-to-pay-bills-and-pay-down-debt\/"},"modified":"2023-03-27T07:03:33","modified_gmt":"2023-03-27T11:03:33","slug":"survey-most-middle-income-americans-plan-to-use-tax-refunds-to-pay-bills-and-pay-down-debt","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/survey-most-middle-income-americans-plan-to-use-tax-refunds-to-pay-bills-and-pay-down-debt\/","title":{"rendered":"SURVEY: Most Middle-Income Americans Plan to Use Tax Refunds to Pay Bills and Pay Down Debt"},"content":{"rendered":"

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SURVEY: Most Middle-Income Americans Plan to Use Tax Refunds to Pay Bills and Pay Down Debt<\/b><\/p>\n

Of those who expect to owe taxes, more than 80% don\u2019t expect to have problems funding them<\/i><\/p>\n

DULUTH, Ga.–(BUSINESS WIRE<\/a>)–
\nPrimerica, Inc. (NYSE: PRI), a leading provider of financial services in the United States and Canada, released tax data from the Middle-Income Financial Security Monitor for the first quarter of 2023. The national survey, in its third year, measures changes in the sentiments of middle-income families in the U.S. about their finances.\n<\/p>\n

\nThe survey found that the majority of middle-income families (60%) are expecting a tax refund this year. The largest segment of respondents (36%) anticipate their refund will be less than last year, while one-third (33%) believe they will receive about the same amount. Roughly one-quarter (24%) expect to receive more than last year. Among the roughly one-third (30%) of respondents who expect to owe taxes, a solid majority (81%) do not anticipate they will have problems paying them or need to go on a payment plan to do so.\n<\/p>\n

\nRespondents who expect a refund say they plan to use the money to pay bills (37%), pay down debt (34%) or add to their savings account (33%). Just 1% said they would put the money into a retirement account.\n<\/p>\n

\n\u201cPrimerica\u2019s survey finds that most households were thoughtful in their financial planning so that they did not owe taxes at filing time, a sometimes painful surprise,\u201d said Amy Crews Cutts, Ph.D., CBE\u00ae<\/sup>, economic consultant to Primerica. \u201cThe findings also show that nearly all of middle-income households who anticipate a refund are thinking about their financial security as they plan to apply refunds to reducing debt, paying bills, or add to their savings.\u201d\n<\/p>\n

Additional Tax Insights from Primerica\u2019s Middle-Income Financial Security Monitor<\/b><\/p>\n