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Desire to save tax refunds hits 12-year high
Nearly half of all Americans who expect to receive a tax refund this year will put that money into savings instead of spending it, the National Retail Federation said.
Washington--Nearly half of all Americans who expect to receive a tax refund this year will put that money into savings instead of spending it, the National Retail Federation said.
According to the NRF’s annual Tax Returns Survey, nearly two-thirds of Americans are expecting a refund this year. Of those who will get one, 47 percent plan to put the money into savings, the highest percentage in the survey’s 12-year history, the NRF said.
That is up from 46 percent last year and 44 percent in 2013.
Additionally, 39 percent will use their refund to pay down debt, 25 percent will use it to help pay for daily expenses, and 13 percent said that they will splurge on a vacation.
Another 10 percent said that they money will go toward a big-ticket purchase, such as a television or car.
“Americans are thinking of the future, and remaining financially secure is a big part of that,” NRF President and CEO Matthew Shay said. “A check from Uncle Sam gives consumers the ability to pay down debt, add a cushion to their savings or splurge on a vacation or big-ticket item.”
The organization also noted that many young adults between the ages of 25 and 34 will be part of the movement toward saving.
Perhaps learning from their parents and looking for a way to get ahead financially, 53 percent indicated that they will put their refund into savings and 48 percent will put it toward debt.
Another 28 percent said they will use the money for everyday expenses, and 16 percent will make a major purchase.
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