Bridging the Gap: Generation Y Not Lazy When It Comes to Taking Control of Finances

RetailMeNot.ca survey reveals millenials are more likely to invest tax refunds than parents and grandparents

TORONTO, March 31, 2014 /CNW/ - New consumer research is busting stereotypes about millennials' being too saddled with student debt and disinterested in career success to care much about their personal finances. With tax refund cheques on the way, 56 per cent of Canadian millenials (aged 18 to 34) say they will save and invest that money, compared with 40 per cent of those aged 35 to 54, and 41 per cent of those over 55. The latest survey is from leading digital coupon website RetailMeNot.ca.

The study reveals that younger adults may be more aware of their finances and how to manage them than mom and dad! Canadians aged 18 to 34 are more likely to create a personal budget (71 per cent versus 58 per cent aged 35 to 52), to make an effort to learn more about their finances in the past year (46 per cent versus 28 per cent) and to seek financial advice (21 per cent versus 14 per cent).

Think coupons are just for Mom or Grandma? Think again. Over 4 in 10 (42 per cent) millennials surveyed will search for a discount or coupon before making a purchase, compared with just 31 per cent of those 35 to 54 and 16 per cent of those over 55. The rise of digital coupons is making it even easier for smartphone-savvy millennials.

"We may have a lot to learn from the way millennials approach saving and spending," says Christy Rabil, director of public relations for RetailMeNot, Inc. "Despite some assumptions, younger Canadians are extremely deal-savvy and are working hard to plan for the future and get out from underneath student debt."

Fifty nine per cent of Canadians surveyed expect to receive a tax refund this year, slightly less than the 62 per cent of Americans surveyed expecting money back. Seventeen per cent of Canadian respondents and 14 per cent of American respondents say they expect to owe money. According to the study, top priorities for spending refunds also differ by country:

• Wheels up: 14 per cent of Canadians versus 19 per cent of Americans want to travel;
• Eat up: Americans are twice as likely to spend their refund on food (21 per cent versus 9 per cent of Canadians);
• Dress up: 8 per cent of Canadians and 18 per cent of Americans are eyeing clothing and shoes;
• Spruce up: 7 per cent of Canadians and 11 per cent of Americans are considering buying home and garden furnishings.

Canadians and Americans also seem to differ when it comes to actually doing their taxes. The study revealed that Canadians are more likely to file their own tax returns (24 per cent) or use an accountant (27 per cent) than they are to use an online service, which is the first choice of Americans (31 per cent).

"Compared to Americans, slightly fewer Canadian filers are using online services like Turbo Tax or H&R Block when preparing their taxes," says Rabil. "These online tools are an easy, cost-effective way to file taxes and can help save time, increase refunds and reduce some of the stress that comes with tax season. Sites like RetailMeNot.ca often offer discounts on both online and in-person tax preparation services to help Canadians save even more."

RetailMeNot.ca regularly conducts consumer behaviour surveys to examine the spending habits of Canadians.

Facebook: Facebook.com/RetailmenotCanada
Twitter: @retailmenotca

About the U.S. survey:

The RetailMeNot Survey was conducted between February 14 and 21, 2014, among 1,023 U.S. residents ages 18 and over, using an email invitation and an online survey. Quotas are set to ensure reliable and accurate representation of the entire U.S. population ages 18 and over. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. In this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample. The margin of error for any subgroups will be slightly higher.

About the Canadian survey:

From March 14 to March 15, 2014, an online survey was conducted among 1,017 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 3.1%, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec, language) to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

About RetailMeNot, Inc.

RetailMeNot, Inc. (www.retailmenot.com/corp/) operates the world's largest digital coupon marketplace. The company enables consumers across the globe to find hundreds of thousands of digital coupons from retailers and brands. In 2013, RetailMeNot, Inc. experienced more than 560 million visits to its websites and estimates that $3.5 billion in paid retailer sales were attributable to consumer traffic from digital coupons in its marketplace. Its mobile apps have been downloaded nearly 14 million times. The RetailMeNot, Inc. portfolio includes www.RetailMeNot.com, the largest digital coupon marketplace in the United States; www.RetailMeNot.ca in Canada; www.VoucherCodes.co.uk, the largest digital coupon marketplace in the United Kingdom; www.Deals.com in Germany; www.Actiepagina.nl, a leading digital coupon site in the Netherlands; Bons-de-Reduction.com and www.Ma-Reduc.com, leading digital coupon sites in France; www.Poulpeo.com, a leading digital coupon site with cash back in France; and www.Deals2Buy.com, a leading discount offer site in North America. RetailMeNot, Inc. is listed on the NASDAQ stock exchange under the ticker symbol "SALE." Investors interested in learning more about the company can visit: http://investor.retailmenot.com/.

For more information or to schedule an interview, please contact:

Rachael Collier
Citizen
416 306 6641 office
416 995 1432 mobile
[email protected]

Christy Rabil
RetailMeNot, Inc.
512 777 2897 office
646 554 8873 mobile
[email protected]

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SOURCE: RetailMeNot, Inc.

http://www.retailmenot.com/

http://photos.prnewswire.com/prnh/20130704/DA42607LOGO