More Americans Than Ever Plan to Hold On to Tax Refunds, NRF Survey Finds
More Americans than ever plan to hold on to their tax refunds this year rather than spend the money, said the National Retail Federation in a Wednesday report. NRF canvassed 7,700 taxpayers in early February and found that about 65…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
percent are expecting tax refunds this year, it said. Of those, 49 percent said they plan to put their refunds into savings, the highest level in the 12 years NRF has been conducting the survey, it said. Another 35 percent said they'll use their refunds to pay down debt, and only 22 percent will spend the money on everyday expenses, it said. Of those who said they plan to splurge, 12 percent will use the money for a vacation, 10 percent for dining out, 9 percent for home improvements and 8 percent for “major purchases,” including a new TV set, it said.