32% of Americans File Their Taxes at the Last Minute, Survey Finds: Here’s Where the Most Procrastinators Live
Nearly a third of Americans (32%) said they wait until the last minute to file their taxes, according to a survey conducted by title insurance company IPX1031. The main reason for procrastination was that respondents did not feel the need to rush and would not get a refund (also 32%).
Specifically, millennials were the most likely to procrastinate in filing their taxes, according to the survey. Other reasons for postponing the task include being too complicated (25%), making sure things are correct (20%), taking too long (11%), and fearing owing money (7%).
One of the ways consumers said they plan to use their tax refund is to pay off existing debt (22%). If you’re looking to pay off your own debts, consider taking out a personal loan while interest rates are low. Visit Credible to find your personalized interest rate without affecting your credit score.
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Americans’ refund expectations may be too low
The average individual federal tax refund in 2021 was $2,815, according to Internal Revenue Service statistics. This marked an increase of $108 from the previous year, but taxpayers responded to IPX1031’s survey saying they expect an average refund this year of just $1,915.
When it comes to generational expectations, however, Gen Zers reported having the lowest, saying they expected an average individual refund of $1,237. Next came baby boomers, who expected $1,275, then Gen X, at $2,139, and finally Gen Y, at $2,158. How they plan to spend their refund also varies.
Most survey respondents plan to save money (37%), others plan to invest it (6%) and few plan to use it to improve their homes (3%).
As the April 18 deadline for filing your taxes approaches, you may be thinking of ways to spend your refund, such as paying off an existing debt. Another way to pay off your debts is to consider taking out a personal loan at a lower interest rate. Visiting a site like Credible can allow you to compare multiple lenders at once.
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Which state has the most tax filing procrastinators?
Some states had more procrastinators than others when it came to filing their taxes, the survey showed, as more states saw an increase in search activity related to the tax filing deadline. .
Nevada had the highest number of procrastinators based on Google searches, with 492 searches related to the filing deadline for 100,000. Hawaii was next with 470 searches, followed by Georgia with 468, Alaska with 453 and California with 438 searches.
In contrast, residents of Iowa, Wisconsin and Michigan showed the least number of searches with 50, 49, and 48 searches, respectively.
If you expect a lower tax refund this year or are looking for other ways to pay off debt, consider taking out a personal loan. Contact Credible to speak with a loan expert and get all your questions answered.
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