Americans were budget and money conscious with their tax returns this year, according to last month’s poll. The online survey revealed that 69 percent of American consumers used their tax refund to pay down debt and get ahead on monthly expenses such as rent, utilities and car payments, while only 16 percent splurged and bought themselves something.
Interestingly, only 2 percent invested the money, and only 1 percent put that money towards retirement. The data also showed that younger groups were more likely to spend their tax refunds, while the 55+ group was significantly less likely to buy something
Visit ACCC’s Financial Education Resources to get more information on how to create budgets, improve credit, and more.