Every month ACCC holds a poll question over atConsumerCredit.com. In February we asked:
What Will You Do With Your Tax Refund?
Here’s what we found out… Most budget-conscious consumers across the country will use this year’s tax refund to pay down debt and strengthen their savings.
Of 251 consumers surveyed, 45 percent said they will use their 2013 tax refund to pay down their credit card debt, while 26 percent will put that cash directly in their savings. Less than one percent of respondents will use the refund to open or contribute to a retirement account or pay down student loans.
Tax refunds provide consumers with a financial opportunity to make a step in the right direction and these results indicate that consumers are doing just that. Paying down debt is the single most important financial action that a consumer can take to achieve a financially stable future and it’s promising that those who have encountered financial difficulty in the past are making better decisions.
The results of the survey also indicate that consumer confidence in the economy is increasing. 11 percent of those polled plan to use the refund to make a purchase, which is an eight percent increase from the results of our 2012 tax refund survey.