WASHINGTON, March 16, 2015 /PRNewswire/ -- Despite lower
gas prices and reduced unemployment, most Americans are taking
advantage of their savings at the pump to cover basic needs and pay
off debt, according to the data released this week by The Allstate
Corporation (NYSE: ALL) and National Journal.
The 22nd quarterly Allstate/National Journal
Heartland Monitor Poll revealed that nearly four-in-five Americans
(78 percent) are realizing savings at the pump, and 58 percent of
them are using these savings to cover basic necessities (31
percent) or to pay off/avoid debt (27 percent). Nearly one third of
Americans (32 percent) state that the decline in gas prices has had
a "huge" or "significant difference" in their personal financial
situations, according to Americans polled who benefitted from price
savings.
In addition, more than half of Americans (55 percent) expect to
receive a refund on their taxes this year and nearly four-in-ten
(37 percent) of them will use their refund to pay off debt.
The Heartland Monitor poll surveyed Americans' attitudes,
expectations, and personal financial situations amidst lower gas
prices and as the country approaches the height of tax season. The
results reveal a population that is more optimistic for the future
but continuing to struggle despite the broader economic
recovery.
In a positive sign, for the first time in Heartland Monitor's
polling since June 2013, Americans
are now more likely to say that the national economy will improve
over the next twelve months (32 percent) than they are to say it
will get worse (25 percent). However, an overwhelming majority of
Americans express deep concerns over the cost of living for
necessities and wages and income with nearly 80 percent of the
country claiming the U.S. economy rates "Fair" or "Poor" on these
factors.
"While many Americans still face financial challenges, these
poll results also indicate the great progress made in turning
around our economy," said Tom
Clarkson, president, West Territory, Allstate Personal
Lines. "As a network of small businesses, we understand that middle
class Americans have been incredibly resilient to overcome these
challenges and local institutions and small businesses will
continue to play an important role in our economic growth."
"Americans indicate in the poll that they still plan to be
cautious with their savings at the pump and any tax refund they
might receive," said Ronald
Brownstein, Atlantic Media's editorial director. "That fits
with the pattern of restrained optimism we see throughout the poll.
While Americans' attitudes about their personal prospects and the
country's direction have clearly brightened since last fall, most
Americans remain skittish about the economy's overall performance
and concerned about its ability to generate rising wages and living
standards."
Impact of Lower Gas Prices
- Among the 78 percent of those polled who've benefitted from
savings at the pump, nearly half of those polled (43 percent) say
that the decline in gas prices has had "only a slight difference"
or made no impact on their personal financial situations.
- Americans who say that lower gas prices have made a huge or
significant difference in their personal finances are more likely
to believe that their personal finances will improve by this time
next year.
Impact of Tax Refunds and Property Taxes
- The top priority for spending anticipated tax refunds is paying
off debt (37 percent) followed by saving or investing (29 percent)
and spending on necessities (20 percent).
- The highest expectations for a tax refund come from households
that earn between $30k and $75k per
year and among younger age groups.
- Individuals under 50 years old expressed a higher degree of
commitment to pay off debt than older Americans.
- Four-in-ten (40 percent) Millennials and 45 percent of Gen
X'ers plan to use their tax refunds to pay off debt. Across the
nation, just 8 percent of respondents say they will spend their tax
refund on non-essential purchases.
- When polled on different factors about the community they live
in, Americans gave a substantial "fair" or "poor" rating for the
amount they pay in local and property taxes (63 percent), followed
by wages and incomes (62 percent), and costs of living (60
percent).
For complete survey findings, please visit
www.heartlandmonitor.com.
Survey Methodology
Since April
2009, the Allstate/National Journal Heartland Monitor
Polls have explored Americans' personal financial experiences,
their views on the financial system, and their opinion of how the
federal government's budget situation impacts their personal
finances. The most recent Allstate/National Journal
Heartland Monitor national poll was conducted by FTI Consulting,
from February 18-22, 2015, among
N=1,000 American adults age 18+, with 500 reached via landline and
500 reached via cell phone. The margin of error for survey is plus
or minus 3.1 percentage points.
About Allstate Corporation
The Allstate Corporation
(NYSE: ALL) is the nation's largest publicly held personal lines
insurer, protecting approximately 16 million households from life's
uncertainties through auto, home, life and other insurance offered
through its Allstate, Esurance, Encompass and Answer Financial
brand names. Allstate is widely known through the slogan "You're In
Good Hands With Allstate®." The Allstate brand's network
of small businesses offers auto, home, life and retirement products
and services to customers in the United
States and Canada. In 2014,
The Allstate Foundation, Allstate, its employees and agency owners
gave $34 million to support local
communities. Allstate employees and agency owners donated 200,000
hours of service across the country.
About National Journal Group
National Journal Group
(NJG) is a premium provider of essential insights, analysis, and
solutions for those operating in Washington's policy and government arenas. The
brand currently reaches an audience of over 3 million through its
editorial products, including NationalJournal.com, Hotline,
National Journal, the magazine, and National Journal
Daily. In addition, NJG serves 700 of Washington's top organizations through its
robust Membership Services, and convenes the nation's top leaders
at its 75 widely attended live events each year.
Tim Hartman is the Chief
Executive Officer, Tim Grieve is
President and Editor-in-Chief and Poppy
MacDonald serves as President and Publisher. National
Journal Group is a division of Atlantic Media.
About FTI Consulting
FTI Consulting, Inc. (NYSE: FCN)
is a global business advisory firm dedicated to helping
organizations protect and enhance enterprise value in an
increasingly complex legal, regulatory and economic environment.
With more than 4,400 employees located in 26 countries, FTI
Consulting professionals work closely with clients to anticipate,
illuminate and overcome complex business challenges in areas such
as investigations, litigation, mergers and acquisitions, regulatory
issues, reputation management, strategic communications and
restructuring. The company generated $1.76
billion in revenues during fiscal year 2014. For more
information, visit www.fticonsulting.com and connect with us on
Twitter (@FTIConsulting), Facebook and LinkedIn.
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SOURCE The Allstate Corporation