WASHINGTON, April 9, 2015 /PRNewswire/ -- Most Americans this
tax season will leverage their refunds to pay down debt and to
cover everyday needs, according to data released by The Allstate
Corporation (NYSE: ALL) and Atlantic Media's National
Journal.
The 22nd quarterly Allstate/National Journal
Heartland Monitor poll surveyed Americans' attitudes, expectations,
and personal financial situations at the height of tax season. The
results reveal a population that is more optimistic for the future,
however many Americans are still working to catch up financially in
comparison to the broader recovery. The poll revealed that:
- More than half (55 percent) of the 1,000 Americans polled
expect to receive a refund on their taxes this year and nearly
four-in-ten (39 percent) do not expect a refund. Six percent of
those polled do not know or did not state if they will receive a
government refund.
- Among those expecting a refund, most (57 percent) will use it
to cover financial obligations (37 percent will pay off debt and 20
percent will spend it on necessities). Additionally, 29 percent of
refund recipients will save or invest their refund, while only
eight percent will spend it on something "nice or fun" and two
percent will donate their check to charity.
- Those with the highest expectations to receive a tax refund are
women and men ages 18-49 years old, at 65 percent. In addition, 68
percent of parents with school age children expect a refund.
- Americans classifying their relationship status as single are
more likely to expect a tax refund (65 percent) compared to those
who are married or living with a partner (54 percent). Refund
recipients who are single are more likely to spend their refund on
"something nice or fun" (12 percent) than their
married/cohabitating counterparts (7 percent).
- Forty-six percent of Americans designating themselves as lower
class believe they will receive a tax refund this year. Of those
respondents, a majority expect to spend their refunds to pay off
debt (46 percent) or to purchase necessities (29 percent). In
addition, 64 percent of Americans who identify themselves as lower
middle class and who are expecting a refund plan to use it to cover
financial obligations (37 percent expect to pay off debt and 27
percent will pay for necessities).
- For Americans categorizing themselves as upper middle class, 53
percent expect a refund and almost half (45 percent) say they'll
save it or invest it for the future.
For personal budgets, the poll revealed 44 percent of Americans
believe their personal financial situation will improve by the same
time next year, representing a significant jump from the 38 percent
who projected personal finance improvement in October 2014. The latest poll also reveals the
percentage of Americans rating their personal financial situations
as "excellent" or "good" has remained at 44 percent for four
straight polls dating back to September
2013.
"Americans are working incredibly hard to improve their
financial positions," said Tom
Clarkson, president, West Territory, Allstate Personal
Lines. "As a network of small businesses across the country, we see
this progress firsthand. Our local agency owners are deeply
committed to improving quality of life and expanding opportunities
for the customers and communities we serve."
"Americans indicate in the poll that they still plan to be
cautious with 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."
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