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Business Wire 1-Apr-2019 8:00 AM
When it comes to receiving tax refunds, more Millennials opted for a check in the mail compared to Generation X and Baby Boomers
Nearly 30 percent (29%) of U.S. adults are still likely to mail in checks to pay taxes owed to the government, according to an online survey of 1,270 adults by YouGov and ACI Worldwide (NASDAQ:ACIW), a leading global provider of real-time electronic payment and banking solutions. Of those who chose to receive tax refunds through a check in the mail (19%), more Millennials (22%) opted for this approach over their Generation X (20%) and Baby Boomer (17%) cohorts.
"Despite the continued evolution of payment technology, nearly a third of Americans opted to write out a check and physically mail it, which takes more effort than an electronic funds withdrawal, debit or credit card payments," said Andrew Sajeski, leader, biller solutions, ACI Worldwide. "Paying by cash or check tends to take longer, and leaves the taxpayer at risk of being late, leading to additional interest and penalty charges. Moreover, if the check gets lost in the mail or stolen, the consumer's personal information can be violated. It's much easier and safer to set up an electronic funds withdrawal."
Other key findings and trends include:
Paying Taxes/Receiving Refunds
Tax Scams
Filing Taxes
"More Millennials chose to receive tax refunds by check compared to the older generations, which is contrary to the general perception that this generation thrives on instant gratification," Sajeski continued.
ACI recommends the following top tips for taxpayers this season
-- Be sure to check your tax preparer's credentials. A legal tax preparer should have a PTIN and must sign your return.
MethodologyAll figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,270 adults. Fieldwork was undertaken between March 12-13, 2019. The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18+). Generations were defined as follows: Millennial (born 1982-1999, 343 total), Gen X (born 1965-1981, 350 total), and Baby Boomer (born 1946-1964, 439 total).
About ACI WorldwideACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers' premises or through ACI's private cloud, we provide real-time, immediate payments capabilities and enable the industry's most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2019
ACI, ACI Worldwide, the ACI logo, ACI Universal Payments, UP, the UP logo and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners.
Product roadmaps are for informational purposes only and may not be incorporated into a contract or agreement. The development release and timing of future product releases remains at ACI's sole discretion. ACI is providing the following information in accordance with ACI's standard product communication policies. Any resulting features, functionality, and enhancements or timing of release of such features, functionality, and enhancements are at the sole discretion of ACI and may be modified without notice. All product roadmap or other similar information does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making a purchasing decision.
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