More Americans than ever plan to hold on to their tax refunds this year rather than spending the money they get from the IRS, according to the annual tax refund survey released today by the National Retail Federation and Prosper Insights & Analytics.
“Tax return season is a time when consumers plan and prioritize financially, whether it is paying down debt or saving for a rainy day,” NRF President and CEO Matthew Shay said. “With the passage of tax reform and the expectation of more disposable income, we expect to see consumers prioritizing how and when they spend their hard earned dollars, especially during the back-to-school and holiday seasons.”
Of the 65 percent of taxpayers expecting a refund, 49 percent say they will put it into savings. That’s up from 48 percent last year and the highest level in the 12-year history of the survey.