Finder Survey Reveals How 'Fed Up' Aussies Plan to Use This Year's Tax Return as Financial Year Comes to an End

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 As the financial year comes to a close, a new survey by Finder reveals the growing frustration among Australians over the rising cost of living and how they plan to use their tax returns to alleviate financial pressures. The survey highlights the priorities and strategies of Aussies eager to make the most of their refunds in a challenging economic environment.

Rising Cost of Living

Australians are feeling the pinch as the cost of living continues to rise. Essentials such as groceries, utilities, and housing have seen significant price hikes, leading many to look forward to their tax returns as a necessary financial relief. The Finder survey captures the sentiment of a population increasingly concerned about their financial stability.

Survey Insights

The survey, which polled thousands of Australians, provides insight into how people plan to allocate their tax returns. The key findings include:

  1. Debt Repayment: A significant portion of respondents indicated that they intend to use their tax returns to pay off debts. Credit card bills, personal loans, and mortgage repayments are top priorities, reflecting a cautious approach to financial management.

  2. Savings and Emergency Funds: Many Australians plan to bolster their savings or emergency funds. This strategy underscores a desire for financial security amid uncertain economic times.

  3. Everyday Expenses: With the cost of everyday items soaring, some respondents plan to use their tax returns to cover basic living expenses. Groceries, utility bills, and fuel costs are areas where many Aussies need immediate financial support.

  4. Investment: A smaller but notable group of respondents is looking to invest their tax returns. This includes putting money into the stock market, superannuation, or other long-term financial instruments, aiming to build wealth over time.

  5. Travel and Leisure: Despite the economic strain, some Australians are planning to use their tax returns for travel and leisure activities. After years of pandemic-related restrictions, there is a pent-up desire to spend on experiences and recreation.

Government Response

In response to the economic challenges, the government has introduced several measures aimed at easing the financial burden on households. These include tax offsets, increased family benefits, and targeted relief for low-income earners. However, the effectiveness of these measures is still under scrutiny as Australians await their tax refunds.

Financial Advice

Experts recommend that Australians carefully consider how to best use their tax returns. Financial advisors suggest prioritizing debt repayment and savings to ensure long-term financial health. They also advise against impulsive spending and encourage individuals to create a budget that aligns with their financial goals.

Conclusion

As the financial year wraps up, the Finder survey highlights a pragmatic approach among Australians towards their tax returns. Faced with rising costs and economic uncertainty, many are prioritizing debt repayment, savings, and essential expenses. This careful planning reflects a broader trend of financial prudence and resilience as Australians navigate the challenges of the current economic landscape

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