Most Americans are using their extra savings from lower gas prices to cover basic needs and pay off debt, according to the data released this week by Allstate Corp. (ALL) and National Journal.
The 22nd quarterly Allstate/National Journal Heartland Monitor Poll showed that 78% of Americans are realizing savings at the pump, and 31% of them are using those savings to cover basic necessities and 27% to pay off/avoid debt.
Thirty-two percent of Americans say that the decline in gas prices has had a "huge" or "significant difference" in their personal financial situations, according to Americans polled who benefited from price savings.
The poll also showed that 55% of Americans expect to receive a refund on their taxes this year and 37% of them will use that to pay off debt.
The latest Allstate/National Journal Heartland Monitor national poll was conducted by FTI Consulting, Inc. (FCN) from February 18-22, among 1,000 American adults, with 500 reached via landline and 500 reached via cell phone.
The poll surveyed Americans' attitudes, expectations, and personal financial situations amidst lower gas prices and as the country approaches the height of tax season.
for the first time in Heartland Monitor's polling since June 2013, Americans are now more likely to say that the national economy will improve over the next twelve months than they are to say it will get worse. However, an overwhelming majority of Americans express deep concerns over the cost of living for necessities and wages and income with nearly 80 percent of the country claiming the U.S. economy rates "Fair" or "Poor" on those factors.
"While many Americans still face financial challenges, these poll results also indicate the great progress made in turning around our economy," said Tom Clarkson, president, West Territory, Allstate Personal Lines. "As a network of small businesses, we understand that middle class Americans have been incredibly resilient to overcome these challenges and local institutions and small businesses will continue to play an important role in our economic growth."
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