SOURCE: Manilla

Manilla

April 04, 2013 09:30 ET

Young Adults Are More Likely Than Their Parents to Be Responsible About Taxes, According to New Data From Manilla.com

Survey Offers Insights Into Tax Behaviors and Habits

NEW YORK, NY--(Marketwired - Apr 4, 2013) - New data released today from account management service Manilla.com (www.manilla.com) reveals insights into consumer behaviors for filing taxes. In a recent survey, Manilla found that young adults are more likely than older age groups to file their taxes early and save their refunds. Manilla is the leading, free and secure service that allows consumers to manage their bills and other personal accounts on desktop, tablet and mobile devices.

In the March 2013 survey, 62 percent of respondents from ages 18 to 23 said they file their taxes in January or February, versus 39 percent of older respondents. What's more, 46 percent of respondents from ages 18 to 23 plan to save their refund this year, versus less than 25 percent of older respondents.

Although it's common to hear complaints about doing taxes, the Manilla.com survey tested this sentiment by asking respondents what they would give up for one month in exchange for not having to undergo the tax filing process. Of all questions asked, giving up a person's cell phone drew the least votes, with only 3 percent of those polled willing to make the exchange. A slightly larger group (5 percent) would be willing to give up sex. In total, the majority of people (61 percent) would rather do their taxes than give up their phones, sex or their favorite food.

Other key findings of the survey include:

  • Spending the Refund:
    • 42 percent plan to use their refund to pay off bills or credit cards
    • 23 percent plan to save it
    • 11 percent plan to spend it on a big-ticket item or vacation
    • 24 percent are not expecting a refund

  • Filing:
    • Nearly 65 percent of those surveyed find gathering all the necessary paperwork for their taxes to be an annoyance
    • 87 percent of people agree that keeping their finances organized helps during tax time
    • Regardless of age, March is the most popular month to file taxes, with 39 percent filing then

  • Men vs. Women:
    • When asked what they'd give up in exchange for not having to do their taxes this year, men were more willing to give up alcohol. Posed with the same question, women would rather give up their favorite food
    • Twice as many women than men are planning to use their tax refund for a big-ticket item or vacation (14 percent versus 7 percent)

"Our goal at Manilla is to help our users stay organized and save time when managing their finances throughout the year, and this is especially important during tax season," said Jim Schinella, CEO of Manilla. "Manilla also makes it easy to manage your credit card bills and stay on top of payments."

Manilla's platform provides convenient, secure online access to all household accounts and services for more than 3,500 businesses. The free service helps consumers manage all of their household accounts, including financial accounts, utilities, subscriptions, daily deals and travel rewards programs, all through Manilla.com or via the Manilla Android or iOS mobile apps.

About Manilla
Manilla organizes and simplifies people's lives by providing one secure access point to all household accounts and services. The free service helps consumers manage their household accounts, including financial accounts, utilities, subscriptions, daily deals, and travel rewards programs, all through Manilla.com. Consumers can also use all of the Manilla features on the go by using Manilla's 4+ star customer-rated Android and iOS mobile apps. Under a single password, Manilla gives customers an automated, organized view of all of their account information, text and email reminders to pay bills, renew expiring subscriptions, and manage soon-to-expire daily deals, all with unlimited storage and seamless document retrieval.

Manilla is a company incubated within and backed by Hearst Corporation. Manilla is the recipient of the 2012 Webby Award and People's Voice Award for Best Banking/Bill Pay Service, was chosen as ABC News' App of the Week, and was named one of PCmag.com Top 100 Websites of 2012. For more information, please visit www.manilla.com.

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