Tax Refund Checks More Important Than Ever According to Second-Annual “Straight Talk Wireless™ Tax Stress Index”

Rhea-AI Summary

Straight Talk, a prepaid wireless service provider, reveals that 60% of consumers are more in debt than last year and plan to file taxes early. The survey highlights concerns about refund amounts and financial stability, with 61% prioritizing fast refunds. The data shows an increase in early filers compared to last year, with many intending to use refunds for savings, household expenses, debt repayment, and phone upgrades.

MIAMI--(BUSINESS WIRE)-- Straight Talk, a leading prepaid wireless service provider running on America’s most reliable 5G network¹, commissioned its second-annual survey to understand consumer sentiment around tax time and found 60 percent of survey respondents say they are more in debt than last year, and will file early.

(Graphic: Business Wire)

The sooner taxpayers file, the faster they’ll get their refund, which 61 percent say is vital to their household’s financial stability. But with consumer debt at a new high*, timing won’t be everything as the survey also showed taxpayers continue to worry the money won’t be enough.

Conducted by OnePoll, the compiled feedback from 2,000 U.S. adults found:

• Respondents are worried their refunds may shrink – 49 percent are worried their tax refund this year won’t be as high as it was last year.
• More are filing earlier this year as compared to last year – in 2023, 40 percent filed early. That number has jumped to 52 percent this year.
• Many plan to use their refunds to manage their finances – by saving (37 percent), by using for household expenses (34 percent) or by paying down debt (31 percent).
• Many respondents plan to use their refunds to upgrade their phones - 44 percent are targeting phone upgrades, which speaks to a general trend towards practical spending.

“Many Americans already stress about their finances and tax season just adds to their anxiety,” says Lynnette Khalfani-Cox, personal finance expert and bestselling author of the new book “Bounce Back: The Ultimate Guide to Financial Resilience". “I advise people to file early and find small ways to save that will have big gains down the line. Straight Talk Wireless has some of the best prepaid wireless plans to help people stretch their dollars further all year long.”

Straight Talk Wireless has great deals and service plans with a wide selection of smartphones at affordable prices. Right now, customers can get a Samsung Galaxy A15 5G for just $99 with the purchase of the Silver Unlimited plan for a limited time.

To inspire more tax-time self-help, Straight Talk launched a new ad campaign featuring award-winning writer/director, actor and producer Jenn Harris, developed by ad agency FCB NY. The :30 ad shows a “tax guru” at a self-help event encouraging attendees to get the most out of tax season, by turning their Tax Refunds into YOUfunds. The spot is airing now on all major networks/platforms. For more information on Straight Talk Wireless plans and tax-time deals, visit StraightTalk.com.

About Straight Talk Wireless

Straight Talk Wireless provides quality no-contract wireless solutions to value-conscious consumers and is available exclusively at Walmart, Walmart.com, and Straighttalk.com. Straight Talk is part of the Verizon Value portfolio of prepaid brands, which includes Total by Verizon, Visible, Tracfone, Simple Mobile, SafeLink, Walmart Family Mobile, and Verizon Prepaid. Verizon Communications Inc. (NYSE, Nasdaq: VZ) is one of the world’s leading providers of technology, communications, information and entertainment products and services. For more information on Straight Talk Wireless, visit www.straighttalk.com.

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.

1		Most reliable 5G network based on more first place rankings in RootMetrics' 5G data reliability assessments of 125 metro markets conducted in 1H 2022. Tested with best commercially available smartphones on three national mobile networks across all available network types. Your experiences may vary. RootMetrics rankings are not an endorsement of Verizon.
*		The total household debt of $17.3 trillion entering 2024 is a new high for the U.S. The largest increase in any category was credit card debt, which swelled by 16.6% between Q3 2022 and Q3 2023, the most recent term for which federal data was available.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240214647263/en/

Dave Root valuemedia@verizon.com

Source: Straight Talk Wireless

FAQ

What percentage of survey respondents are more in debt than last year according to the PR?

60% of survey respondents are more in debt than last year.

How many U.S. adults were included in the survey mentioned in the PR?

The survey included feedback from 2,000 U.S. adults.

What percentage of respondents are worried that their tax refund this year won't be as high as last year?

49% of respondents are worried that their tax refund this year won't be as high as last year.

What percentage of respondents plan to use their tax refunds for phone upgrades?

44% of respondents plan to use their tax refunds for phone upgrades.

What are the top three ways respondents plan to use their tax refunds according to the PR?

Respondents plan to use their tax refunds for saving (37%), household expenses (34%), or paying down debt (31%).