Poll: More Americans plan to save tax refunds

This year, more Americans are planning to save their tax refunds, according to the National Retail Federation.

NRF's Tax Returns Consumer Survey - conducted by BIGinsight, which polled 8,716 consumers Feb. 1-8 - found that 43.8 percent of those expecting refunds will place some of the extra cash in savings, the highest percentage in the survey's nine-year history, according to a news release.

Last year, 42.1 percent of respondents said they would be saving rather than spending. Both this year and last year, roughly two-thirds of respondents expected to receive a refund.

“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,” NRF President and CEO Matthew Shay said in the release. “Increased consumer savings proves extremely beneficial to shoppers and businesses in the long run, allowing future opportunities to invest in a large household item or even take advantage of a well-deserved family vacation.”  

Other survey highlights:

• About 39 percent of respondents said they are planning to use part of their refunds to pay off debt.
• Roughly 29 percent of respondents said they would use part of their refunds for everyday expenses.
• More than 12 percent of Americans are projected to spend part of their refund on a major purchase, such as a car or television, while roughly 11 percent would use it for a vacation.

About 64 percent of Americans are projected to pay their taxes by the end of February, the highest percentage since 2006, according to the release.
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