Jackson Hewitt® Survey Shows Almost Half of Millennial Taxpayers Use Tax Refunds to Pay off Holiday Debt
Those planning to repay holiday expenses with their refund may be affected by delays
JERSEY CITY, N.J., Dec. 27, 2017 /PRNewswire/ -- With the PATH Act delaying refunds for EITC/ACTC filers to late-February this year, many taxpayers may be left wishing they had their refund sooner to keep on top of their holiday bills. In a recent survey conducted by Jackson Hewitt Tax Service®, 43% of millennial taxpayers polled revealed that they plan to use their tax refund to repay holiday debt versus just 31% of the general population polled.
With more than 75 million American millennials, having money to repay those bills quickly could be the difference between compounding debt and financial health.
"Making ends meet around the holidays can be especially tough," said Alan D. Ferber, CEO of Jackson Hewitt. "These survey results indicate that millennials could greatly benefit from being able to repay their debt quickly. To help clients access money sooner, especially those who have to wait due to the PATH Act, we've partnered with MetaBank® so that our clients can access products that can help bridge the gap."
Qualifying Jackson Hewitt clients could get up to $400 of a no fee Refund Advance 0% APR loan offered by MetaBank as early as this week with only a pay stub or other income verification when they have their taxes prepared. Once they have their W-2 or other tax documents, they can file their taxes for the remaining advance, up to $3,200.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. is an innovator in the tax industry, with a mission to provide its hard-working clients access to simple, low-cost solutions to manage their taxes and tax refunds. Jackson Hewitt is devoted to helping clients get ahead with Maximum Refund and 100% Accuracy Guarantees. With close to 6,000 franchised and company-owned locations, including 3,000 in Walmart stores, and online and mobile tax solutions, Jackson Hewitt makes it convenient for clients to file their taxes. For more information about products, services, and offers, or to locate a Jackson Hewitt office, visit www.JacksonHewitt.com or call 1 (800) 234-1040.
About No Fee Refund Advance
The no fee Refund Advance is an optional tax refund related loan provided by MetaBank® (it is not the actual tax refund) at participating locations. Available for a limited time. The amount of the loan will be deducted from tax refunds and reduce the amount that is paid directly to the taxpayer. Fees for other optional products or product features may apply. Tax returns may be filed electronically without applying for this loan. Loans offered in amounts of $100, $200, $500, $750, $1,000 or $3,200. Only $200–$400 available beginning December 18, 2017 with a paystub (or other acceptable pre-year-end income verification), and remaining amounts available upon filing tax return with Jackson Hewitt® through the IRS. Availability and loan amount is subject to satisfaction of identity verification, eligibility criteria, and underwriting standards. IRS delays may affect the delivery timing of loan proceeds. Disbursement rules apply. Funds loaded onto card within an hour and direct deposit next business day. Ask Tax Pro for details.
About Meta Financial Group®
Meta Financial Group, Inc. ("MFG") is the holding company for MetaBank®, a federally chartered savings bank. MFG shares are traded on the NASDAQ Global Select Market® under the symbol CASH. Headquartered in Sioux Falls, SD, MetaBank operates in both the Banking and Payments industries through: MetaBank, its traditional retail banking operation; Meta Payment Systems, its electronic payments division; AFS/IBEX, its insurance premium financing division; and Refund Advantage, EPS Financial and Specialty Consumer Services, its tax-related financial solutions divisions.
Methodology
The Jackson Hewitt survey was conducted online by ResearchNow from December 11-13, 2017, among 1,245 American adults aged 18 and older. Respondents to the survey were selected from among those who volunteered to participate in online surveys. Twelve hundred complete surveys were collected using the sample framework based on U.S. Census data for age, ethnicity, gender, region, and income.
SOURCE Jackson Hewitt Tax Service Inc.
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