At Republic Wireless, we pioneered money-saving WiFi-first calling and recently innovated Extend Home, the home phone service that works with your cell phone number at no extra cost. We are obsessed with helping our members save for more important things in life. With the delayed tax return season, we wanted to learn more about how our members and the general public felt about money, plans for the future and general sentiments around paying taxes. So we surveyed over 1,000 members and 600 other Americans and got some surprising results.
The year 2020 has introduced many new challenges. In the US, roughly 15% percent of the population is currently receiving unemployment benefits, and the economy continues to be impacted by the Coronavirus. Republic Wireless was founded on a commitment to make cell phone service affordable for everyone. We found that our members use WiFi more and don’t need wasteful unlimited plans. This may be helping them cut debt, save more and move along their path to financial independence. The results of the survey reinforce this focus:
- One-third of Americans (32%) say they live paycheck to paycheck, while only 9% of Republic Wireless members say they are in that same situation.
- 17% of the general public say they are saving enough for retirement while 27% of Republic Wireless members are saving enough.
- 22% of Republic members say they read what they can about Financial Wellness and Financial Independence vs. 12% overall.
Regarding the delayed 7/15 tax day, 58% of respondents indicated they already received a refund. Another 15% were expecting one. Many already had plans for their refund with 33% hoping to save it in case their financial situation changed. Another 28% will pay down debt, 21% will use a refund to pay for everyday expenses, while only 5% will splurge on something special for the family and a mere 3% will put the money aside for vacation.
We had some fun with the question, “What would people be willing to give up to never pay taxes again?” The answers were surprising, so we’ll give a spoiler alert. If you want to have some fun, don’t read the results below and go to this interactive quiz with some of the survey results:
OK, if you skipped down here, here we go. First off, people need to play! And maybe we didn’t miss watching sports so much after all. 42.5% would give up watching sports, while only 28.3% would give up playing their favorite sport. More people said they would give up TV (12%) than those who would skip listening to music (7.7%). Did we “binge out” on TV a little too much over the last few months?
What about giving up cars or their best friends? Taxpayers say they are least likely to give these up, with only 5% willing to hand over the car keys and 5% willing to unfriend their best friends to never have to pay taxes again. And lastly would they give up sex or their cell phone? No, we are not making this up: 12.3% said they’d give up sex, while only 6.2% would give up their cell phone! While we are surprised by that one, we are glad we play such an important role in your lives, and we promise to keep innovating ways to help you save.
Here is the complete list of things we surveyed and how many Americans are willing to give them up in exchange for never having to pay taxes again:
- Watching sports (42.5%)
- Playing video games (39.7%)
- Beer, wine, cocktails (37.2%)
- Playing your favorite sport (28.3%)
- Working out (22.3%)
- Eating dessert (22.3%)
- Pizza, burgers, sushi or whatever is your favorite food (18.7%)
- Sex (12.3%)
- Watching TV (12.0%)
- Traveling (9.0%)
- Listening to music (7.7%)
- Cell phones (6.2%)
- Your favorite hobby (5.5%)
- Driving and riding in cars (5.0%)
- Your best friends (5.0%)