Wal-Mart recently announced a program that will allow people to pick up their tax refunds in cash at the company’s stores. Receiving tax refunds via check or direct deposit isn’t the best option for those workers who don’t have bank accounts. So the company is offering this as a free option this tax season (though tax preparers might charge up to $7 to arrange the payment). How many are likely to take advantage of this option? And might it help Wal-Mart’s image this tax season?
In Ask Your Target Market’s latest survey, 36% of respondents said they definitely expect to receive a tax refund this year. 13% expect to probably receive a refund. 12% are completely unsure. 8% said the probably won’t receive a refund this year. And 33% definitely don’t expect to receive one. Of those respondents who might get a tax refund this year, 7% don’t have a bank account.
Though Wal-Mart itself doesn’t plan to charge people to use the service, 48% said they would be very unlikely to pick up their tax refunds in Wal-Mart stores. And just 15% said they would be likely to use the program.
Of course, the benefit for Wal-Mart is potentially having a bunch of people with extra cash in its stores. And for those who are at least open to using the cash refund option at Wal-Mart, 52% said they would be likely to spend at least some of their refund at Wal-Mart.
The other benefit to Wal-Mart would be the potential impact this type of offering could have on its overall brand image. However, just 17% of respondents said this type of program would likely improve their opinion of Wal-Mart. And 45% said their brand image of Wal-Mart would be unlikely to improve because of the store’s tax refund program.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on January 20 via AYTM’s online survey panel.