Still Cautious on the Economy, Employees Choose to Save Instead of Spend
Amidst this guarded outlook, among the two-thirds (66 percent) of American workers expecting a tax refund, over half (53 percent) are choosing to save or invest it, a third (35 percent) plan to pay down or pay off short term debt and another one in one in five (19%) are choosing to pay off or pay down long-term debt. Eighteen percent of American workers expecting a refund plan on using it to buy consumer products, up from 13 percent last year.
“Even while Americans express some uncertainty about the future of our economy, it’s reassuring to see that overall pessimism is down,” said
The study also found that Gen Y workers are decidedly more optimistic in their economic sentiment (48 percent) compared to Gen X workers (30 percent) and Baby Boomer workers (29 percent).
The Principal Financial Well-Being Index:
Saving at the Pump
The lowest gas prices in nearly four years have translated into tangible savings for American workers at the pump. Thirty-eight percent reported saving
Four in ten are planning to use this extra money on regular expenses such as groceries, utilities or housing payments (40 percent). About one-third (31 percent) plan on using the surplus to pay off debt, while 23 percent plan to put their gas surplus towards an emergency savings fund.
About The Survey
This Principal Financial Well-Being IndexSM:
Employees consisted of adults 18+ who work at small and mid-sized (SMB) U.S. businesses (firm size 10-1,000 employees).
About The Harris Poll
Over the last 5 decades, Harris Polls have become media staples. With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers’ motivations and behaviors, The Harris Poll has gained strong brand recognition around the world. The Harris Poll offers a diverse portfolio of proprietary client solutions to transform relevant insights into actionable foresight for a wide range of industries including health care, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer packaged goods.
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2 As of
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