Taxpayers plan to save—not spend—their tax refunds this year, according to NRF’s Tax Returns Consumer Survey conducted by BIGinsight.
The survey found that 43.8 percent of those expecting refunds will stash some of their cash in savings. That’s up from the 42.1 percent who said the same thing last year—and the most in the survey’s nine-year history.
The survey also found that 66.2 percent of taxpayers are expecting a refund this year, the exact same as last year.
“After a rocky few years, consumers are now more vigilant about how they spend their money and the importance of preparing for future financial stability,” said NRF President and CEO Matthew Shay, in a statement.
According to the survey, nearly four in 10 Americans who expect a tax refund will use some of the money to pay down debt. About 28 percent plan to use their “free cash” for everyday expenses.