Money: Consumers plan to save tax refunds as confidence drops, Westpac survey shows - PressFrom - Australia
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MoneyConsumers plan to save tax refunds as confidence drops, Westpac survey shows

01:01  12 september  2019
01:01  12 september  2019 Source:   msn.com

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Hopes of a tax cut-led retail recovery appear dented as Westpac 's regular consumer sentiment survey shows the majority of people plan to save most of their refund rather than spend it.

But Westpac 's consumer survey , released on Wednesday, showed a drop in shopper confidence despite the extra cash hitting bank accounts over the past two months. Westpac also surveyed respondents about their tax refunds , with 29 per cent saying they planned to spend it all and another

Consumers plan to save tax refunds as confidence drops, Westpac survey shows© AAP Images Hopes of a tax cut-led retail recovery appear dented as Westpac's regular consumer sentiment survey shows the majority of people plan to save most of their refund rather than spend it.

Hopes of a tax cut-led retail recovery appear dented as Westpac's regular consumer sentiment survey shows the majority of people plan to save most of their refund rather than spend it.

The bank and Melbourne Institute added extra questions to their monthly questionnaire of consumers, asking people about the tax offset payments that came through from July 1 in tax returns.

So far, 16 per cent of those surveyed reported receiving a payment, while Westpac's economists estimate that about 30 per cent of households are likely to receive a "meaningful" rebate.

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WASHINGTON--(BUSINESS WIRE)--A record low number of Americans will spend their tax returns this year while the second-highest number on record will put the money into savings, according to the annual tax return survey released today by the National Retail Federation and Prosper Insights

Other plans for tax refunds include paying down debt (35 percent), travel/entertainment (22 percent), retail Eighty percent of Americans expecting a tax refund this year plan to save 25 percent or more, according “This may be the year consumers give themselves breathing room by building up their

Of those who had already received a payment, 29 per cent said they planned to spend it all, while 16 per cent planned to spend more than half of it.

That left more than half of survey respondents saying that they would spend less than half of their tax offset, with a quarter saying they would save the full amount.

Record number 'don't know' where to put their savings

This tendency towards savings fits in with other, regular, aspects of the survey that show households continue to remain cautious about their financial positions.

Overall, pessimists again narrowly outnumbered optimists, with the index reading 98.2 — below the benchmark 100 number that indicates an evenly balanced view.

The index hit 100 last month after several months of pessimism.

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“Young consumers see their refund as an opportunity to build their savings without making a dent in their monthly budget.” According to the survey , 66.9 percent of Americans plan to file their taxes online, the most in survey history. Additionally, 38.2 percent will use computer software to prepare

“ Consumers are leveraging their tax returns to build up their savings, but that’s good news in the long run Of the 66 percent who are expecting a refund this season, only 20.9 percent of consumers will spend The number planning to spend the money on vacations dropped to 10.7 percent from last year’s According to the survey , 68 percent of Americans plan to file their taxes online, the most in

When asked where the wisest place to put their savings was, 61 per cent nominated safer options such as deposits, superannuation or paying down debt.

There was a slight increase in the proportion nominating real estate investment (to 12 per cent), a slight decrease in those favouring shares (to 9 per cent) but a stunning increase in the proportion who said "don't know" which, at 9 per cent, was the highest in the survey's history dating back to 1974.

With interest rates at fresh record lows, the share market close to record highs and many major housing markets still relatively expensive and offering historically low rental returns, it perhaps is not surprising that people are struggling to decide how to invest their money.

"Many Aussies are confused about what to do with their money in the current environment," CommSec chief economist Craig James said.

"While low interest rates may be seen as positive for borrowers, the fact that the cash rate is at all-time lows of just 1 per cent worries plenty of Aussies."

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As well as a fall in confidence , the latest consumer confidence survey shows fewer see now as a good time to make a major household purchase. Households are winding back spending plans as confidence drops , with more fretting about their financial position. The Westpac McDermott Miller

(Omaha, NE) Most Americans say they plan to save the tax refund they’re expecting this year instead of spending the extra cash. A new T.D. Ameritrade survey shows 61% say they’ll save or invest their refunds . 21% plan to pay off debt and 18% will spend the money on necessities. Only 19% of those

Mixed economic outlook but house prices expected to rise

This is particularly so given the wary outlook most survey respondents had when it came to the Australian economy.

Consumer views about the health of the economy over the next year declined 3.1 per cent in September.

"The disappointing June quarter national accounts update — released in the middle of the survey week — undoubtedly had an effect," Westpac's chief economist Bill Evans noted.

"Despite this, expectations for the economy are still comfortably above their July low, when the RBA's back-to-back rate cuts appear to have badly rattled consumers."

AMP Capital senior economist Diana Mousina said the negative press around the GDP number and international economic developments risked becoming a self-fulfilling prophecy.

"There is a risk that the continual negative news around the domestic economy talks consumers into thinking that conditions are weaker than they actually are," she wrote.

"The same is true of all the recession talk."

The survey shows people are more worried than usual about the security of their jobs and also much less likely than usual to think now was a good time to buy a major household item.

However, households are more confident about the longer-term outlook, with positivity about the economy over the next five years rising 2.1 per cent this month and sitting comfortably above the long-term average.

People also think the housing market downturn has well and truly bottomed, with house price expectations surging 45.8 per cent since May, led by a large increase in New South Wales.

The expectation of rising prices has less people saying that now is a good time to buy a house, though that index is still above its long-term average following roughly two years of national dwelling price declines.

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