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Consumers Will Be Saving, Not Spending, Tax Refunds
The National Retail Federation’s recent survey shows consumers are opting to either save or pay off debt with their returns, although a select few will still “splurge.”
Washington--A recent National Retail Federation survey shows that a record number of consumers plan to save their tax returns this year, with only a small percentage reporting that they plan to use the extra money to buy something big.
The NRF’s annual Tax Returns Survey showed that nearly 50 percent of those expecting a refund plan to save the money rather than spending it right away, the highest percentage in the survey’s history.
In addition to saving, about 35 percent of survey respondents plan to pay down debt, and 22 percent said they will use the money for everyday expenses. The rest will book a vacation (11 percent), buy a major purchase like a TV or car (9 percent) or splurge on something like a spa service or elaborate night out (8 percent).
“Americans this year see refund season as a time to improve their financial health by using their refunds to get ahead on savings goals and plan for bigger purchases in the future,” said NRF President and CEO Matthew Shay. “Money saved is money waiting to be spent.”
When it comes to young adults and their refunds, the survey found that 57 percent of 18 to 24 year olds plan to save their return, while 27 percent will use it for groceries, gas and other everyday purchases. Still, some will have fun: 13 percent said they’d spend it on a vacation, and 13 percent will splurge on other items.
For 25 to 34 year olds, more than half said they’ll put their return in savings, and 45 will pay down debt with it.
“Millennials are being wise and putting saving ahead of splurging as they look for ways to get ahead,” said Pam Goodfellow of Prosper Insights and Analytics, the firm that conducted the survey for the NRF. “Young adults see their refund as an opportunity to build their savings without making a dent in their monthly budget.”
The NRF’s Tax Returns Survey was conducted from Feb. 2 to 9.
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